Question 1

Funky Music purchased $25,000 of equipment for cash. The Equipment asset account is________ for $25,000 and the Cash account is ________ for $25,000.

Accepted Answer

The answer of Funky Music purchased $25,000 of equipment for...

Question 2

A ________ gives a complete record of each transaction in one place, and shows debits and credits for each transaction.

Accepted Answer

The answer of A ________ gives a complete record of...

Question 3

A more structured format that is similar to a T-account in that it has columns for debits and credits, but that is different in that it has columns for transaction date, explanation, and the account balance is the ________.

Accepted Answer

The answer of A more structured format that is similar...

Question 4

Jackson Brown Footwear had total liabilities of $130 million and total assets of $375 million. Its debt ratio was ________. (round to one decimal place)

Accepted Answer

The answer of Jackson Brown Footwear had total liabilities of...

Question 5

You decrease the Accounts Payable account on the ________ side of its account.

Accepted Answer

The answer of You decrease the Accounts Payable account on...

Question 6

You increase the Service Revenue account on the ________ side of its account.

Accepted Answer

The answer of You increase the Service Revenue account on...

Question 7

To increase an asset account we would ________ it and to increase a liability account, we would
________ it.

Accepted Answer

The answer of To increase an asset account we would...

Question 8

The__________ is found by determining the difference between total debits and total credits for an account, including any beginning balance.

Accepted Answer

The answer of The__________ is found by determining the difference...

Question 9

The posting process is the link between the ________ and the ________.

Accepted Answer

The answer of The posting process is the link between...

Question 10

__________is the process of transferring journal entry information from the journal to the ledger.

Accepted Answer

The answer of __________is the process of transferring journal entry...

Question 11

Match between columns
                        Premises:  General journal
 Chart of accounts
 Note receivable
 T-account
 Unearned revenues
 Compound journal entry
 Posting reference column
 Posting
 Account
 Trial Balance

Accepted Answer

The Answer of A simple form used as a helpful is...

Question 12

Match between columns
                        Premises:  Salary Expense
 Cash
 Equipment
 Owner, Capital
 Fees Revenue
 Accounts Receivable
 Accounts Payable
 Owner, Withdrawals
 Supplies
 Unearned Revenue
 Prepaid Insurance
 Office Furniture

Accepted Answer

The Answer of revenue (R) and expense (E) and asset is...

Question 13

Match between columns
                        Premises:  Source documents
 Debit
 Posting
 Double-entry accounting
 Ledger
 Journal
 Account
 Credit
 T-account
 Trial balance

Accepted Answer

The Answer of Decrease in an asset, owner withdrawal and is...

Quiz 2: Analyzing and Recording Transactions

Funky Music purchased $25,000 of equipment for cash. The Equipment asset account is for $25,000 and the Cash account is for $25,000.

A ________ gives a complete record of each transaction in one place, and shows debits and credits for each transaction.

A more structured format that is similar to a T-account in that it has columns for debits and credits, but that is different in that it has columns for transaction date, explanation, and the account balance is the ________.

Jackson Brown Footwear had total liabilities of $130 million and total assets of $375 million. Its debt ratio was ________. (round to one decimal place)

You decrease the Accounts Payable account on the ________ side of its account.

You increase the Service Revenue account on the ________ side of its account.

To increase an asset account we would it and to increase a liability account, we would it.

The__________ is found by determining the difference between total debits and total credits for an account, including any beginning balance.

The posting process is the link between the and the .

__________is the process of transferring journal entry information from the journal to the ledger.

Match the following term with the appropriate definition

Identify each of the following accounts as:

Match the following definitions with the appropriate term

Quiz 2: Analyzing and Recording Transactions

Funky Music purchased $25,000 of equipment for cash. The Equipment asset account is________ for $25,000 and the Cash account is ________ for $25,000.

A ________ gives a complete record of each transaction in one place, and shows debits and credits for each transaction.

A more structured format that is similar to a T-account in that it has columns for debits and credits, but that is different in that it has columns for transaction date, explanation, and the account balance is the ________.

Jackson Brown Footwear had total liabilities of $130 million and total assets of $375 million. Its debt ratio was ________. (round to one decimal place)

You decrease the Accounts Payable account on the ________ side of its account.

You increase the Service Revenue account on the ________ side of its account.

To increase an asset account we would ________ it and to increase a liability account, we would ________ it.

The__________ is found by determining the difference between total debits and total credits for an account, including any beginning balance.

The posting process is the link between the ________ and the ________.

__________is the process of transferring journal entry information from the journal to the ledger.

Match the following term with the appropriate definition

Identify each of the following accounts as:

Match the following definitions with the appropriate term

Funky Music purchased $25,000 of equipment for cash. The Equipment asset account is for $25,000 and the Cash account is for $25,000.

To increase an asset account we would it and to increase a liability account, we would it.

The posting process is the link between the and the .