chapter 2 accounting

Which of the following is correct about T accounts?

It is the simplest form of account

Which of the following groups of accounts increase with debits? a. Cash, Accounts Payable, Miscellaneous Expense b. Wages Expense, Fees Earned, Land c. Supplies, Owner's Capital, Supplies Expense d. None of these choices are correct.

None of these choices are correct.

Which of the following statements is false regarding T accounts? a. The excess of the credits of a liability account over the debits is the balance of the account. b. A T account is not the same thing as the general ledger. c. The excess of the credits of an asset account over the debits is the balance of the account. d. The excess of the credits of an owner's equity account over the debits is the balance of the account.

The excess of the credits of an asset account over the debits is the balance of the account.

The journal entry to record fees of $13,500 earned on account would include

a debit to Accounts Receivable for $13,500 and a credit to Fees Earned for $13,500

The owner, Alex Xu, invested an additional $45,000 of cash into his business. Which of the following journal entries should the company record? a.Alex Xu, Capital45,000 Cash45,000 b. Alex Xu, Capital45,000 Sales Revenue45,000 c. Cash45,000 Alex Xu, Deposits45,000 d. Cash45,000 Alex Xu, Capital45,000

d. Cash45,000 Alex Xu, Capital45,000

The chart of accounts is a

list of the accounts in the ledger

When a transaction is journalized, which account is listed first?

the account to be debited

Cash receipts are posted to

the debit side of a T account.