Chapter 3

Frage 1 von 12

1

Which of the following groups of accounts are increased with credits?

Wähle eine der folgenden:

Unearned Revenue, Accounts Payable, and Common Stock
Land, Notes Receivable, and Prepaid Insurance
Sales Revenue, Cash, and Equipment
Rent Expense, Retained Earnings, and Interest Revenue

Erklärung

Frage 2 von 12

1

The recording rules of double-entry accounting related to assets, liabilities, and stockholders' equity accounts can be summarized as

Wähle eine der folgenden:

Debits increase asset accounts; credits decrease liability and stockholders' equity accounts
Debits decrease asset accounts; credits increase liability and stockholders' equity accounts
Debits decrease asset accounts; credits decrease liability and stockholders' equity accounts
Debits increase asset accounts; credits increase liability and stockholders' equity accounts

Erklärung

Frage 3 von 12

1

Hilliard Company experienced an accounting event that was recorded in the company's general journal as indicated below:

Debit Credit
Cash 43,000
Accounts Receivable 43,000

Wähle eine der folgenden:

Erklärung

Frage 4 von 12

1

Willard Company purchased $700 of supplies on account. A result of this transaction would be to

Wähle eine der folgenden:

Credit (right side of T-account) Cash
Debit (left side of T-account) Accounts Receivable
Credit (right side of T-account) Accounts Payable
Credit (right side of T-account) Supplies

Erklärung

Frage 5 von 12

1

Hanover Company paid $3,600 cash in advance for a one-year insurance policy starting on October 1, 2016. Which of the following is the correct adjusting journal entry to record the portion of insurance used up through December 31, 2016?

Wähle eine der folgenden:

Erklärung

Frage 6 von 12

1

Rupert Company provided $12,000 of services on account. Which of the following is the correct general journal entry to record this transaction?

Wähle eine der folgenden:

Erklärung

Frage 7 von 12

1

On December 1, 2016, King Company collected $26,000 of cash in advance from a customer for services to be provided from January 1, 2017 through June 30, 2017. Which of the following is the correct general journal entry to record this transaction?

Wähle eine der folgenden:

Erklärung

Frage 8 von 12

1

Which of the following best describes where you would find a chronological record of business transactions in the accounting records?

Wähle eine der folgenden:

General ledger
General journal
Chart of accounts
Trial balance

Erklärung

Frage 9 von 12

1

Is the normal balance of the following accounts a debit or a credit?

Wähle eine der folgenden:

Erklärung

Frage 10 von 12

1

Which of the following represents the closing general journal entry for Jarvis Company's revenue accounts?

Wähle eine der folgenden:

Erklärung

Frage 11 von 12

1

What is the balance in Retained Earnings after the closing general journal entries are made? (Hint: Use T-accounts to arrive at your answer)

Wähle eine der folgenden:

$58,000
$63,000
$75,000
$92,000

Erklärung

Frage 12 von 12

1

Prepare an adjusted trial balance for Everett Corporation at December 31, 2016, and determine the correct statement.

Wähle eine der folgenden:

The total debits equal $178,000.
The total debits equal $206,000.
The total debits equal $186,000.
Equal debits and credits in the trial balance ensure that there are no errors in the accounting records.

	Erstellt von Angelica Vannarath vor fast 8 Jahre

final

Frage 1 von 12

Which of the following groups of accounts are increased with credits?

Wähle eine der folgenden:

Erklärung

Frage 2 von 12

The recording rules of double-entry accounting related to assets, liabilities, and stockholders' equity accounts can be summarized as

Wähle eine der folgenden:

Erklärung

Frage 3 von 12

Hilliard Company experienced an accounting event that was recorded in the company's general journal as indicated below: Debit Credit Cash 43,000 Accounts Receivable 43,000

Wähle eine der folgenden:

Erklärung

Frage 4 von 12

Willard Company purchased $700 of supplies on account. A result of this transaction would be to

Wähle eine der folgenden:

Erklärung

Frage 5 von 12

Hanover Company paid $3,600 cash in advance for a one-year insurance policy starting on October 1, 2016. Which of the following is the correct adjusting journal entry to record the portion of insurance used up through December 31, 2016?

Wähle eine der folgenden:

Erklärung

Frage 6 von 12

Rupert Company provided $12,000 of services on account. Which of the following is the correct general journal entry to record this transaction?

Wähle eine der folgenden:

Erklärung

Frage 7 von 12

On December 1, 2016, King Company collected $26,000 of cash in advance from a customer for services to be provided from January 1, 2017 through June 30, 2017. Which of the following is the correct general journal entry to record this transaction?

Wähle eine der folgenden:

Erklärung

Frage 8 von 12

Which of the following best describes where you would find a chronological record of business transactions in the accounting records?

Wähle eine der folgenden:

Erklärung

Frage 9 von 12

Is the normal balance of the following accounts a debit or a credit?

Wähle eine der folgenden:

Erklärung

Frage 10 von 12

Which of the following represents the closing general journal entry for Jarvis Company's revenue accounts?

Wähle eine der folgenden:

Erklärung

Frage 11 von 12

What is the balance in Retained Earnings after the closing general journal entries are made? (Hint: Use T-accounts to arrive at your answer)

Wähle eine der folgenden:

Erklärung

Frage 12 von 12

Prepare an adjusted trial balance for Everett Corporation at December 31, 2016, and determine the correct statement.

Wähle eine der folgenden:

Erklärung

Hilliard Company experienced an accounting event that was recorded in the company's general journal as indicated below:

Debit Credit
Cash 43,000
Accounts Receivable 43,000