Question 1

For each transaction,identify which account is debited and which account is credited.Use proper account titles.

Accepted Answer

The answer of For each transaction,identify which account is debited...

Question 2

A business renders services to its customer for $50,000 on account.Record the transaction in the journal.

Accepted Answer

The answer of A business renders services to its customer...

Question 3

Which of the following journal entries would be recorded if a business renders service and receives cash of $900 from the customer?
A)

B)

C)

D)

Accepted Answer

The answer of Which of the following journal entries would...

Question 4

When using a four-column account,the posting reference column allows the user of the financial data to trace the amounts in the journal back to the ledger.

Accepted Answer

When using a four-column account, the posting reference column allows the user of the financial data to trace the amounts in the ledger back to the journal.

Question 5

The following transactions for the month of March have been journalized and posted to the proper accounts.

What is the balance in Cash?
A)$11,890
B)$10,990
C)$14,990
D)$12,600

Accepted Answer

B)Cash is increased by the March 1 transaction of $9,000 and the March 6 amount of $7,600 and decreased by the March 2 payment of $900,March 3 payment of $4,000,and March 4 payment of $710 for a final cash balance of $10,990.

Question 6

After posting the journal entries from the journal to the ledger,the accounting equation should be in balance.

Accepted Answer

The purpose of posting the journal entries to the ledger is to update the balance of each account and ensure that the accounting equation (Assets = Liabilities + Equity) remains in balance. Once all the debit and credit entries have been transferred to the ledger, their balances will be totaled and reconciled to ensure that the equation remains balanced. Therefore, the answer is True.

Question 7

A posting reference column is used ________.
A)while preparing the trial balance using the ledger
B)when the information is transferred from the journal to the ledger
C)when the information is transferred from the ledger to the post-closing trial balance
D)while preparing the balance sheet using the trial balance

Accepted Answer

Posting reference column is used when the information is transferred from the journal to the ledger. It helps in keeping track of which transactions have been recorded in the ledger and which are yet to be recorded.

Question 8

The following transactions for the month of March have been journalized and posted to the proper accounts.

What is the balance in Accounts Receivable?
A)$8,000
B)$2,000
C)$5,000
D)$10,000

Accepted Answer

B)Accounts Receivable is increased (debited)by the March 5 amount of $10,000 and decreased (credited)by the March 6 amount of $8,000.

Question 9

Sharon Foods Company reported the following transactions for September 2017.
A.The business received a $21,000 cash contribution from the owner.It was credited to Sharon,Capital.
B.The business purchased office equipment for $9,000 for which $4,000 cash was paid and the balance was put on a note payable.
C.Paid insurance expense of $1,500 cash.
D.Paid the September utility bill for $800 cash.
E.Paid $1,600 cash for September rent.
F.The business had sales of $12,000 in September.Of these sales,40% were cash sales,and the balance was credit sales.
G.The business paid $8,000 cash for office furniture.
What are the total liabilities at the end of September,2017?
A)$12,000
B)$1,500
C)$5,000
D)$9,000

Accepted Answer

C) 11ea8a42_4ef1_4284_8b44_33fde1514a2a_TB5024_00

Question 10

Which of the following journal entries would be recorded if Christy Jones Company received a $3,000 cash contribution from the owner?
A)

B)

C)

D)

Accepted Answer

The answer of Which of the following journal entries would...

Question 11

The following transactions for March have been journalized and posted to the proper accounts.

What is the ending balance in the Service Revenue account?
A)$16,000
B)$10,000
C)$14,000
D)$6,000

Accepted Answer

11ea8a42_4ef1_6997_8b44_4b7d135ced98_TB5024_00

Question 12

In a computerized environment,the posting process is completed automatically when the user enters the journal entry.

Accepted Answer

In a computerized environment, the posting process is completed automatically when the user enters the journal entry. This eliminates the need for manually posting to the ledger, as the computer system is able to do it automatically.

Question 13

For each transaction,identify which account is debited and which account is credited.Use proper account titles.

Accepted Answer

The answer of For each transaction,identify which account is debited...

Question 14

A business purchased land for $250,000 cash.Record the transaction in the journal.

Accepted Answer

The answer of A business purchased land for $250,000 cash.Record...

Question 15

A business paid salaries of $6,000 in cash.Record the transaction in the journal.

Accepted Answer

The answer of A business paid salaries of $6,000 in...

Question 16

A business has the following transactions:
* The business receives $15,000 cash and issues common stock to stockholders.
* The business purchases $600 of office supplies on account.
* The business purchases $3,000 of furniture on account.
* The business renders services to various clients totaling $15,000 on account.
* The business pays $1,500 for salaries expense and $4,500 for rent expense.
* The business pays $800 to a supplier for the office supplies purchased earlier.
* The business collects $4,000 from one of its clients for services rendered earlier in the month.
At the end of the month,all journal entries are posted to the ledger.Accounts Receivable will appear as which of the following?
A) Accounts Receivable

B) Accounts Receivable

C) Accounts Receivable

D) Accounts Receivable

Accepted Answer

The answer of A business has the following transactions:
* The...

Question 17

A business has the following transactions:
* The business received $16,000 cash and issued common stock to stockholders.
* The business purchases $600 of office supplies on account.
* The business purchases $3,000 of furniture on account.
* The business renders services to various clients totaling $10,000 on account.
* The business pays out $1,500 for salaries expense and $3,500 for rent expense.
* The business pays $800 to supplier for the office supplies purchased earlier.
* The business collects $4,000 from one of its clients for services rendered earlier in the month.
At the end of the month,all journal entries are posted to the ledger.Accounts Payable will appear as which of the following?
A) Accounts Payable

B) Accounts Payable

C) Accounts Payable

D) Accounts Payable

Accepted Answer

The answer of A business has the following transactions:
* The...

Question 18

Which of the following journal entries would be recorded if a business purchased office supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account?
A)

B)

C)

D)

Accepted Answer

The answer of Which of the following journal entries would...

Question 19

Which of the following journal entries would be recorded if a business purchased $800 of office supplies on account?
A)

B)

C)

D)

Accepted Answer

Option B (11ea8a42_4ef0_30f9_8b44_cfd3e89525a2_TB5024_00) is correct as it shows a debit to office supplies (an asset account) and a credit to accounts payable (a liability account) for the same amount of $800, indicating that the purchase was made on account or credit. Option A is incorrect as it shows a debit to office supplies and a credit to cash, which would be the correct journal entry if the purchase was made with cash. Option C and D are also incorrect as they do not include the correct accounts or amounts.

Question 20

A business purchases $3,500 of office supplies for cash.Which of the following sets of ledger accounts reflects the posting of this transaction?
A)

B)

C)

D)

Accepted Answer

The answer of A business purchases $3,500 of office supplies...

Quiz 2: Recording Business Transactions

For each transaction,identify which account is debited and which account is credited.Use proper account titles.

A business renders services to its customer for $50,000 on account.Record the transaction in the journal.

Which of the following journal entries would be recorded if a business renders service and receives cash of $900 from the customer?

When using a four-column account,the posting reference column allows the user of the financial data to trace the amounts in the journal back to the ledger.

The following transactions for the month of March have been journalized and posted to the proper accounts. What is the balance in Cash?

After posting the journal entries from the journal to the ledger,the accounting equation should be in balance.

A posting reference column is used ________.

The following transactions for the month of March have been journalized and posted to the proper accounts. What is the balance in Accounts Receivable?

Which of the following journal entries would be recorded if Christy Jones Company received a $3,000 cash contribution from the owner?

The following transactions for March have been journalized and posted to the proper accounts. What is the ending balance in the Service Revenue account?

In a computerized environment,the posting process is completed automatically when the user enters the journal entry.

For each transaction,identify which account is debited and which account is credited.Use proper account titles.

A business purchased land for $250,000 cash.Record the transaction in the journal.

A business paid salaries of $6,000 in cash.Record the transaction in the journal.

Which of the following journal entries would be recorded if a business purchased office supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account?

Which of the following journal entries would be recorded if a business purchased $800 of office supplies on account?

A business purchases $3,500 of office supplies for cash.Which of the following sets of ledger accounts reflects the posting of this transaction?