Question 1

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.
-Accounts Payable

Accepted Answer

Accounts Payable represents a liability, meaning a debt that the company owes to its creditors. As liabilities have normal credit balances, Accounts Payable has a normal balance on the credit side.

Question 2

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance entered on wrong side of account

Accepted Answer

When the balance is entered on the wrong side of the account, it is a type of account balance error. Trial balance preparation errors usually involve incorrectly totaling the debits and credits or omitting an account. Posting errors involve incorrectly transferring amounts from the journal to the ledger.

Question 3

Organize the following accounts into the usual sequence of a chart of accounts.Miscellaneous ExpenseAccounts PayableAccounts ReceivableCashAlecia Morris, CapitalFees EarnedPrepaid RentSalaries ExpenseUnearned RevenueAlecia Morris, Drawing

Accepted Answer

The answer of Organize the following accounts into the usual...

Question 4

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Wrong amount posted to an account

Accepted Answer

Posting errors occur when the wrong amount is recorded in the ledger accounts during the process of transferring information from the journal to the ledger. This can include posting the wrong amount to an account.

Question 5

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Debit posted as credit, or vice versa

Accepted Answer

Debit posted as credit, or vice versa is a common type of posting error.

Question 6

On January 1, Cassie Harris established a catering service. Listed below are accounts she would like to open in the general ledger. List the accounts in the order in which they should appear in the ledger and propose a two-digit account numbering scheme that is consistent with the rules of a proper chart of accounts.
1.Cash
2.Supplies
3.Equipment
4.Accounts Payable
5.Cassie Harris, Capital
6.Wages Expense
7.Rent Expense
8.Truck
9.Utilities Expense
10.Cassie Harris, Drawing
11.Truck Expense
12.Prepaid Insurance
13.Fees Earned
14.Miscellaneous Expense
15.Insurance Expense
16.Notes Payable
17.Accounts Receivable

Accepted Answer

The answer of On January 1, Cassie Harris established a...

Question 7

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance incorrectly computed

Accepted Answer

Balance incorrectly computed refers to account balance errors, which occur when the balance in an account is calculated incorrectly either during journalizing or posting. Trial balance preparation errors refer to errors made in the process of preparing the trial balance, and posting errors refer to errors made when recording transactions to the wrong account or with the wrong amount during posting. Therefore, the best choice is B.

Question 8

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts:​  ​  ​  ​  ​  Indicate the following for each debit and credit:
(a)The type of account affected 
(asset, liability, capital, drawing, revenue, or expense).
(b)The effect on the account, using "+" for increase and "−" for decrease.​Present your answers in the following form:

Accepted Answer

The answer of All nine transactions for Dalton Survey Company...

Question 9

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Column incorrectly added

Accepted Answer

Column incorrectly added falls under trial balance preparation errors because this step involves adding up the balances in various accounts to ensure that debits equal credits. Errors in this process typically involve mathematical mistakes such as incorrect addition.

Question 10

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance entered in wrong column or omitted

Accepted Answer

The answer of Several types of errors can be made...

Question 11

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

Accepted Answer

The answer of On September 1, Erika Company purchased land...

Question 12

Calculate the following:
(a)Determine the cash receipts for April based on the following data:  (b)Determine the cash received from customers on account during April based on the following data:

Accepted Answer

The answer of Calculate the following:
(a)Determine the cash receipts for...

Question 13

On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

Accepted Answer

The answer of On June 1, the cash account balance...

Question 14

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Debit or credit posting omitted

Accepted Answer

Posting errors occur when a debit or credit entry is either omitted or posted to the wrong account. This can result in inaccurate account balances and ultimately impact the trial balance. These errors can be challenging to identify and correct.

Question 15

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.
-Interest Earned

Accepted Answer

Interest Earned is an income account, and like all income accounts, it normally has a credit balance.

Question 16

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.
-Copyrights

Accepted Answer

Copyrights are considered intangible assets, and like all assets, they have a normal balance on the debit side of the T account.

Question 17

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Amount incorrectly entered on trial balance

Accepted Answer

Trial balance preparation errors occur when amounts are incorrectly entered on the trial balance, which is the process of compiling the balances of all ledger accounts to ensure that debits equal credits. This type of error specifically relates to the preparation phase of the trial balance, not the initial journalizing or posting of transactions to ledger accounts.

Question 18

The chart of accounts classifies the accounts to make identification of the accounts easier. Describe the numbering system businesses use in setting up the chart of accounts.

Accepted Answer

The answer of The chart of accounts classifies the accounts...

Question 19

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.

Accepted Answer

The answer of On January 31, the cash account balance...

Question 20

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:
(a) In the first column at the right, indicate the nature of each account, using thefollowing abbreviations:  (b) In the second column, indicate the increase side of each account by insertingDr. or Cr.

Accepted Answer

The answer of Selected accounts from the ledger of Garrison...

Quiz 2: Analyzing Transactions

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Accounts Payable

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered on wrong side of account

Organize the following accounts into the usual sequence of a chart of accounts.Miscellaneous ExpenseAccounts PayableAccounts ReceivableCashAlecia Morris, CapitalFees EarnedPrepaid RentSalaries ExpenseUnearned RevenueAlecia Morris, Drawing

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Wrong amount posted to an account

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Debit posted as credit, or vice versa

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance incorrectly computed

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Column incorrectly added

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered in wrong column or omitted

On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction.

Calculate the following: (a)Determine the cash receipts for April based on the following data: (b)Determine the cash received from customers on account during April based on the following data:

On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Debit or credit posting omitted

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Interest Earned

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Copyrights

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Amount incorrectly entered on trial balance

The chart of accounts classifies the accounts to make identification of the accounts easier. Describe the numbering system businesses use in setting up the chart of accounts.

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.