Chapter 3

Pregunta 1 de 12

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 2 de 12

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 3 de 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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 4 de 12

1

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

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 5 de 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 6 de 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 7 de 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 8 de 12

1

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

Selecciona una de las siguientes respuestas posibles:

General ledger
General journal
Chart of accounts
Trial balance

Explicación

Pregunta 9 de 12

1

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 10 de 12

1

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 11 de 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)

Selecciona una de las siguientes respuestas posibles:

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

Explicación

Pregunta 12 de 12

1

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

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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.

	Creado por Angelica Vannarath hace más de 7 años

final

Pregunta 1 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 2 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 3 de 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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 4 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 5 de 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 6 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 7 de 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?

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 8 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 9 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 10 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 11 de 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)

Selecciona una de las siguientes respuestas posibles:

Explicación

Pregunta 12 de 12

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

Selecciona una de las siguientes respuestas posibles:

Explicación

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