ACC Chapter 3 Quiz

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

The entry to record completing a financial lecture and immediately collecting payment from customers would​ be:

Cash $1,100 Lecture Fees $1,100

Which of the following entries records the acquisition of office supplies for​ cash?

Office Supplies $5,000 Cash $5,000

A debit to a liability account was posted to a revenue account. This would​ cause:

Revenue to be understated

The informal listing of the ledger accounts and their balances in the ledger to aid in proving the equality of debits and credits is​ the:

trial balance

When the trial balance includes a debit column total of $10,360 and a credit column total of $10,910​, it is probable​ that:

a $275 debit was recorded as a credit.

During the month of​ October, Ford advertised on the Internet. Ford received the bill for $900 in​ October, but waited until November to pay the advertising expense. The journal entry to record the payment in November​ is:

Accounts​ Payable, debit;​ Cash, credit

​Riley's Book Review billed customers $150. The journal entry to record this transaction​ is:

Accounts​ Receivable, debit $150​; Editing​ Fees, credit $ 150

During the month of​ January, Katelyn invested $18,000 in starting her legal practice. The proper journal entry would​ be:

Cash, debit $18,000​; ​Katelyn, Capital, credit $18,000

​Renzi's Volleyball Gym purchased equipment for $1,100. It made a down payment of $800 with the remainder on account. The journal entry to record this transaction​ is:

Equipment $1,100 Accounts Payable $300 Cash $800

The twelve−month period a business chooses for its accounting period is​ a(n):

Fiscal year

Financial statements that are prepared for a period shorter than a year are​ called:

Interim statements

When recording a transaction in a​ journal, the account listed first is always​ the:

debit

The trial balance lists the​ accounts:

in the same order as in the ledger.

Business transactions are first recorded in​ the:

journal.

Posting is performed by transferring information from the journal to​ the:

ledger


Set pelajaran terkait

Ch 29: Management of Patients with Nonmalignant Hematologic Disorders

View Set

Chapter 20: Blood Vessels and Circulation

View Set

PSYC 360 (Ch. 12 Groups) - Examples & Definitions

View Set

Chapter 23-Drugs for Lipid Disorders

View Set

Chapter 3: Probability - 3.1 Random experiments, outcomes And events.

View Set

Organizational Behavior Chapter 3 Quiz

View Set

Polar Coordinates and Polar Form of Complex Numbers Review, Complex Numbers in Polar Form - Products, Quotients and Converting

View Set

Chapter 47: Menopause and Andropause Drugs PrepU

View Set

ATI cardiovascular/respiratory practice exam

View Set

INS 21 Assignment 5: Underwriting and Ratemaking

View Set

BEM 211 (Day 7): Workplace Emotions & EQ

View Set