Accounting 111 - Test 2

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When a transposition error is made on the trial balance the difference between the debit and the credit totals of the trial balance will be...

easily divisible by 9

Journal entry

Debits then Credits

If the 2 totals of a trial balance aren't equal it could be due to:

an error determines account balance, balance being wrongly computed

Liabilities

unearned revenue, payable, debit, owing anything in the future

payment of shopping centers parking lot cleaning fee the amount is $600 on August 8

8/10 Maintenance Expense 600 . Cash. 600

Paid employee wages on August 8 in the amount $2000

8/10 Payroll Expense 2000 Cash. 2000

On September 1, we purchased land in amount of $500,000 in cash

9/1 Land 500,000 Cash 500,000

Paid on account

Account Payable: Debit Cash: Credit

Services Provided on Account

Account Receivable: Debit Fees Earned: Credit

Identify assets and explain balance Acc payable 200,000 Acc receivable 20,000 Insurance expense 190,000 Cash 50,000 Retained earning 5,000 Dividends 200 Common stock 10,000

Accounts Receivable 20,000 Cash 50,000 Total - 70,000

Purchased on Account

Asset Accounting: Debit Accountable Payable: Credit

Paid cash

Asset or Expense Account:Debit Cash: Credit

Received Cash on Account

Cash: Debit Accountable Receivable: Credit

Received Cash for Services provided

Cash: Debit Fees Earned: credit

Which side of the account increases the cash account

Debit

Paid Dividends

Debit Dividends; credit Cash.

What could cause a trial balance totals to not equal?

Debit and credit to not be the same

T account

Debit left, credit right

Normal balance of an account

Is whatever increases the amount of

Which group of accounts is composed of only assets

Prepaid Expenses, Buildings, Patents

the payment for monthly rent will require what entry?

Rent Expense Cash

Fees Earned

Revenue

Stockholder's Equity

common stock, retained earnings, dividends

Revenue

increased with credit (rarely decreased with debit to correct entry)

Equity

increased with credits decreased with debits

Liability

increased with credits decreased with debits

Expense

increased with debit (Rarely decreased with credit only to correct entry)

Assets

increased with debits decreased with credits

Assets

supplies, equipment, historical cost principles, land, buildings, investments, inventory, accounts receivable, prepaid expense, marketable securities


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