act

an asset

What type of account is Prepaid Rent?

journal

A chronological record (or history) of an entity's transactions is called a(n)

decreased assets

A company purchased office supplies on account. This transaction:

subtotals for assets, liabilities, and stockholders' equity

A trial balance has all of the following features listed below except

ledger

Accounts are grouped together in a book called the

Accounts Payable

All of the following accounts are standard components of stockholders' equity except:

Retained Earnings

All of the following accounts would be considered assets except for:

decrease in owners' equity and assets

Debits to revenue accounts ultimately result in a(n):

The dual effect of each transaction is recorded with a debit and a credit.

Double-entry accounting means that each transaction:

9

If a transposition error has occurred when recording a transaction, then the out-of-balance amount will be evenly divisible by:

debit to Dividends and a credit to Cash

Paying a dividend to the company's stockholders would include a:

the balance sheet

Prepaid expense accounts appear on:

debit to Prepaid Insurance and a credit to Cash

Purchasing a three-year insurance policy for cash would include a:

debit to Utilities Expense

The accounting transaction to record payment of an electric bill would include a:

amount received in the transaction

The debit side of the account always indicates:

Supplies

The entry to record the purchase of supplies on account would include a debit to:

Accounts Receivable

The journal entry to record performing a service on account would include a debit to:

credit, stockholders' equity

The normal balance of a revenue account is a because revenues increase .

debit, stockholders' equity

The normal balance of an expense account is a because expenses decrease .

credit, stockholders' equity

The normal balance of the Common Stock account is a because it increases .

debit, stockholders' equity

The normal balance of the Dividends account is a because it decreases

expense with a debit balance ?

The normal balance of the Supplies account is a because it is a(n) account

debit to Rent Expense

The payment for rent of the office building for one month would include a:

decrease liabilities

The payment of an amount owed to a creditor would:

decrease stockholders' equity

The payment of salaries to employees would:

credit to Cash and a credit to Note Payable

The purchase of an automobile with a cash down payment and a promise to pay the balance in the future would include a:

not affect the total of debits or credits on the trial balance

The purchase of land for cash would:

debit to Office Equipment and a credit to Cash

The purchase of office computers for cash would include a

Office Furniture

The purchase of office furniture on account would include a debit to :

Identify the transaction from source documents and other information.

What is the first step in the journalizing process?

debit and credit amounts posted from journal entries

When using a four-column ledger account format, the initial pair of columns are used to show:

account balance

When using a four-column ledger account format, the pair of columns on the far right are used to show:

Assets and expenses

Which accounts are increased by debits?

Common Stock

Which of the following is NOT an asset account?

the source documents initiating the transaction

Which of the following items would NOT be included in the journal entry for a transaction?