Chapter 3

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

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

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

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

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?

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

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?

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

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

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

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

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