Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?Cash $1000 Equipment 500 Accounts Payable 350 Capital 900 Service Fees

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?Cash $1000 Equipment 500 Accounts Payable 350 Capital 900 Service Fees 1000 Salaries Expense 750 A. $3,250 debit, $3,250 credit B. $1,125 debit, $1,125 credit C. $4,500 debit, $4,500 credit D. $2,250 debit, $2,250 credit Reset SelectionMark for Review ‘s This?A debit to an expense account was posted to a revenue account. This error would cause __________. A. assets to be overstated B. liabilities to be overstated C. revenue to be understated D. None of the above answers are correct. Reset SelectionMark for Review ‘s This?An account that would be increased by a debit is __________. A. cash B. fees earned C. capital D. accounts payable Reset SelectionMark for Review ‘s This?A debit to an asset account was posted to an expense account. This error would cause __________. A. liabilities to be overstated B. expenses to be overstated C. assets to be understated D. Both B and C are correct. Reset SelectionMark for Review ‘s This?Which of the following is prepared first? A. Balance sheet B. Income statement C. Statement of owner’s equity D. Trial balance Reset SelectionMark for Review ‘s This?A credit to an asset account was posted to the capital account. This error would cause __________. A. assets to be overstated B. liabilities to be overstated C. capital to be understated D. Both A and C are correct. Reset SelectionMark for Review ‘s This?The purpose of the trial balance is __________. A. to list all of the accounts in the chart of accounts B. to report all accounts with zero balances C. to prove that debits equal credits D. to distribute it with the other financial reports Reset SelectionMark for Review ‘s This?A credit customer paid $850 toward his accounts receivable. The accountant recorded a credit to the revenue account. This error would cause __________. A. revenue to be understated B. cash to be overstated C. accounts receivable to be overstated D. liabilities to be understated Reset SelectionMark for Review ‘s This?A debit to a liability account was posted to a revenue account. This error would cause __________. A. revenues to be understated B. liabilities to be understated C. capital to be overstated D. None of the above answers are correct. Reset SelectionMark for Review ‘s This?The chart of accounts __________. A. is a numbered list of all of the business’ accounts B. allows accounts to be located quickly C. can be expanded as the business grows D. All of the above answers are correct. Reset SelectionMark for Review ‘s This?A debit to an asset account was posted to a liability account. This error would cause __________. A. assets to be understated B. liabilities to be overstated C. capital to be overstated D. None of the above answers are correct. Reset SelectionMark for Review ‘s This?A compound transaction was recorded as follows: debit Equipment, $5,000; debit Cash, $1500; credit Accounts Payable, $3,500. This error would cause __________. A. assets to be overstated B. assets to be understated C. liabilities to be overstated D. liabilities to be understated Reset SelectionMark for Review ‘s This?Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?Cash $1,100 Accounts Receivable 800 Capital 1,900 Withdrawals 500 Service Fees 1,000 Rent Expense 500 A. $2,900 debit, $2,900 credit B. $3,900 debit, $3,900 credit C. $2,000 debit, $2,000 credit D. $1,200 debit, $1,200 credit Reset SelectionMark for Review ‘s This?Which of the following groups of accounts have a normal credit balance? A. revenue, liabilities, and capital B. assets, capital, and withdrawals C. liabilities, expenses, and assets D. assets, expenses, and withdrawals Reset SelectionMark for Review ‘s This?Which of the following transactions would cause the debit and credit columns in the trial balance to be unequal? A. debit Cash, $900; credit Revenue, $900 B. debit Accounts Payable, $350; credit Cash, $350 C. debit Equipment $1,400; credit Accounts Receivable, $1,400 D. debit Withdrawals, $500; credit Cash, $500 Reset SelectionMark for Review ‘s This?Which of the following is not a financial statement? A. Balance sheet B. Income statement C. Statement of owner’s equity D. Trial balance Reset SelectionMark for Review ‘s This?A credit to an asset account was posted to a liability account. This error would cause __________. A. assets to be understated B. liabilities to be overstated C. capital to be understated D. None of A list of all the accounts from the ledger with their ending balances is called a __________. A. normal balance B. trial balance C. chart of accounts D. footing Reset SelectionMark for Review ‘s This?A credit to a liability account was posted to an asset account. This error would cause __________. A. liabilities to be overstated B. liabilities to be understated C. revenues to be overstated D. revenues to be understated Reset SelectionMark for Review ‘s This?The business incurred an expense and paid it immediately. To record this __________. A. an expense is debited and a liability is credited B. an expense is debited and an asset is credited C. an expense is debited and Capital is credited D. None of the above answers are correct. Reset SelectionMark for Review ‘s This?The entry to record the payment of office salaries would be __________. A. debit Cash; credit Accounts Receivable B. debit Cash; credit Salaries Expense C. debit Salaries Expense; credit Accounts Payable D. debit Salaries Expense; credit Cash Reset SelectionMark for Review ‘s This?Business transactions are first recorded in the __________. A. ledger B. journal C. trial balance D. balance sheet Reset SelectionMark for Review ‘s This?A credit to a liability account was posted to an owner’s equity account. This would cause __________. A. assets to be overstated B. liabilities to be understated C. owner’s equity to be understated D. net income to be overstated Reset SelectionMark for Review ‘s This?A journal entry affecting three or more accounts is called a __________. A. multi-level entry B. multi-step entry C. compound entry D. simple entry Reset SelectionMark for Review ‘s This?A debit to the capital account was posted to an expense account. This would cause __________. A. assets to be overstated B. liabilities to be understated C. capital to be overstated D. expense to be understated Reset SelectionMark for Review ‘s This?Posting is performed by transferring information from the journal to the __________. A. ledger B. trial balance C. balance sheet D. income statement Reset SelectionMark for Review ‘s This?”PR” in the general journal and general ledger stands for __________. A. per reviewer B. posting reference C. prior receipt D. None of the above answers are correct. Reset SelectionMark for Review ‘s This?The process that begins with recording business transactions and includes the completion of the financial statements is the __________. A. calendar year B. natural business year C. fiscal year D. accounting cycle Reset SelectionMark for Review ‘s This?A debit to an expense account was posted to an asset account. This would cause __________. A. assets to be understated B. liabilities to be understated C. capital to be understated D. expenses to be understated Reset SelectionMark for Review ‘s This?A debit to a liability account was posted to an expense account. This would cause __________. A. assets to be overstated B. liabilities to be understated C. owner’s equity to be overstated D. expenses to be overstated Reset SelectionMark for Review ‘s This?A debit to a revenue account was posted to an expense account. This would cause __________. A. expenses to be overstated B. revenue to be understated C. expenses to be understated D. capital to be overstated Reset SelectionMark for Review ‘s This?The journal entry to record a withdrawal by the owner would most commonly include __________. A. a debit to Wage Expense and a credit to Cash B. a debit to Capital and a credit to Cash C. a debit to Withdrawals and a credit to Cash D. a debit to Cash and a credit to Wage Expense Reset SelectionMark for Review ‘s This?The posting reference column on the general journal __________. A. shows which transactions have been posted to the ledger B. displays to which accounts the transactions have been posted C. allows us to cross reference to the general ledger D. All of the above answers are correct. Reset SelectionMark for Review ‘s This?Renzi’s Volleyball Gym purchased equipment for $1,200. It made a down payment of $600 with the remainder on account. The journal entry to record this transaction is __________. A. Cash 600 Accounts Receivable 600 B. Accounts Payable 600 Cash 600 Equipment 1,200 C. Supplies 1,200 Cash 600 Accounts Payable 600 D. Equipment 1,200 Accounts Payable 600 Cash 600 Reset SelectionMark for Review ‘s This?Revenue is traditionally recognized in the accounting records when __________. A. cash is received B. services are rendered C. it is incurred D. None of the above answers are During the month of January, Katelyn invested $11,000 in starting her legal practice. The proper journal entry would be __________. A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000 B. Accounts Payable, debit $11,000; Cash, credit $11,000 C. Cash, debit $11,000; Revenue, credit $11,000 D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000 Reset SelectionMark for Review ‘s This?A debit to the capital account was posted to a revenue account. This would cause __________. A. assets to be understated B. liabilities to be overstated C. capital to be understated D. revenue to be understated Reset SelectionMark for Review ‘s This?The first step of the accounting cycle is __________. A. recording journal entries B. posting to the ledger C. preparing a trial balance D. analyzing business transactions Reset SelectionMark for Review ‘s This?A credit to an asset account was posted to a revenue account. This would cause __________. A. assets to be understated B. liabilities to be understated C. capital to be understated D. revenue to be overstated Reset SelectionMark for Review ‘s This?A debit to a liability account was posted to a revenue account. This would cause __________. A. assets to be overstated B. liabilities to be overstated C. capital to be overstated D. revenue to be overstated Reset SelectionMark for Review ‘s This? This question is from the 1st set. I cant see the correct answer on it.Which of the following is not a financial statement? A. Balance sheet B. Income statement C. Statement of owner’s equity D. Trial balance Reset SelectionMark for Review ‘s This?

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