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Exam 2: The Accounting Cycle: During the Period

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Question 41

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The Accounts Receivable account has a beginning balance of $10,000 and the company provides services of $50,000 on account during the month.The ending balance was $12,000.How much did the company receive from customers during the month?

A) $50,000.
B) $52,000.
C) $48,000.
D) $62,000.

E) A) and B)
F) B) and C)

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Question 42

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Revenue accounts increase with a debit and decrease with a credit.

A) True
B) False

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Question 43

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When a company incurs employee salaries but does not pay them,how will the basic accounting equation be affected?

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -____ List of all accounts and their balances after external transactions are recorded.

For each of the following accounts,indicate whether we use a debit or a credit to decrease the balance of the account. (a)Accounts Receivable (b)Accounts Payable (c)Salaries Expense (d)Service Revenue (e)Supplies (f)Common Stock (g)Advertising Expense (h)Dividends

Which of the following accounts has a credit balance?

Consider the following list of accounts: Accounts Payable Cash Prepaid Rent Common Stock Salaries Payable Equipment Supplies Rent Expense How many of these accounts have a normal credit balance?

Below are the steps in the measurement process of external transactions.Arrange them from first (1)to last (6). _____ (a)Post the transaction to the T-accounts in the general ledger. _____ (b)Assess whether the impact of the transaction results in a debit or credit to the account balance. _____ (c)Use source documents to identify accounts affected by external transactions. _____ (d)Analyze the impact of the transaction on the accounting equation. _____ (e)Prepare a trial balance. _____ (f)Record transactions using debits and credits.

The general ledger includes all accounts used to record the company's transactions.

Paying dividends to its stockholders causes a company's stockholders' equity to decrease.

The process of transferring the debit and credit information from the journal to individual accounts in the general ledger is called journalizing.

The Unearned Revenue account is shown in which statement?

When cash payments are made to stockholders,what is the effect on the company's accounts?

Which of the following is NOT possible for a business transaction?

A company pays $800 dividends to stockholders.Indicate the amount of increases and decreases in the accounting equation.

Which of the following is not a possible journal entry?

A trial balance represents the:

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -____ Resources earned by providing goods and services to customers.

A company provides services to customers on account,$3,500.Record the transaction.

Which of the following would increase assets and increase liabilities?