7223277
Description
Quiz by Angelica Vannarath, updated more than 1 year ago
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Created by Angelica Vannarath
almost 8 years ago
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Question 1
Question
Which of the following groups of accounts are increased with credits?
Answer
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Unearned Revenue, Accounts Payable, and Common Stock
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Land, Notes Receivable, and Prepaid Insurance
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Sales Revenue, Cash, and Equipment
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Rent Expense, Retained Earnings, and Interest Revenue
Question 2
Question
The recording rules of double-entry accounting related to assets, liabilities, and stockholders' equity accounts can be summarized as
Answer
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Debits increase asset accounts; credits decrease liability and stockholders' equity accounts
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Debits decrease asset accounts; credits increase liability and stockholders' equity accounts
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Debits decrease asset accounts; credits decrease liability and stockholders' equity accounts
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Debits increase asset accounts; credits increase liability and stockholders' equity accounts
Question 3
Question
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
Answer
Question 4
Question
Willard Company purchased $700 of supplies on account. A result of this transaction would be to
Answer
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Credit (right side of T-account) Cash
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Debit (left side of T-account) Accounts Receivable
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Credit (right side of T-account) Accounts Payable
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Credit (right side of T-account) Supplies
Question 5
Question
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?
Answer
Question 6
Question
Rupert Company provided $12,000 of services on account. Which of the following is the correct general journal entry to record this transaction?
Answer
Question 7
Question
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?
Answer
Question 8
Question
Which of the following best describes where you would find a chronological record of business transactions in the accounting records?
Answer
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General ledger
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General journal
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Chart of accounts
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Trial balance
Question 9
Question
Is the normal balance of the following accounts a debit or a credit?
Answer
Question 10
Question
Which of the following represents the closing general journal entry for Jarvis Company's revenue accounts?
Answer
Question 11
Question
What is the balance in Retained Earnings after the closing general journal entries are made? (Hint: Use T-accounts to arrive at your answer)
Answer
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$58,000
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$63,000
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$75,000
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$92,000
Question 12
Question
Prepare an adjusted trial balance for Everett Corporation at December 31, 2016, and determine the correct statement.
Answer
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The total debits equal $178,000.
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The total debits equal $206,000.
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The total debits equal $186,000.
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Equal debits and credits in the trial balance ensure that there are no errors in the accounting records.
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