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Exam 3: Processing Accounting Information

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Question 51

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Sunnyside Vacations has a $1,200 account receivable from the John Smith.On September 18, the John makes a partial payment of $1,100 to Sunnyside.The journal entry made on September 18 by Sunnyside to record this transaction includes:

A) A debit to the Cash account of $1,150.
B) A debit to the Accounts Receivable account of $1,150.
C) A credit to the accounts receivable account of $1,100.
D) A credit to the Accounts Receivable account of $1,050.

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Question 52

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There is a universal chart of accounts that is applicable to all businesses.

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Question 53

Multiple Choice

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Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Wages and Salaries Expense

The term "chronological order" is best associated with:

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all. -A warehouse used to store equipment

Squidly Products sold and delivered modems to Detail Solutions for $6,600 to be paid by Detail Solutions in three equal installments over the next three months.The journal entry made by Squidly to record this transaction will include:

Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Bonds Payable

Which pair of accounts has the same set of rules for debit and credit entries?

Blake and Ryan each invest $30,000 in a business and are given shares of stock in Jones Industries as evidence of their ownership interests.For this transaction, identify the effect on the accounting equation.

​Payment of a dividend decreases both cash and stockholders' equity of the distributing business.

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all. -Ownership in a company that allows the owner to receive dividends before common shareholders receive any distributions

Transactions are recorded in the general journal in:

The _________________________ is the file or book that contains all of a company's accounts.

If the company has an _________ from a client, then the client has an ________ to the company.

The normal balance of revenue is a(n) ____________________.

The payment of employee salaries has what effect on the accounting equation?

​_________________________ provides the proof needed in an accounting system to record a transaction.

The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is a(an)

Use the following five transactions for Monaco & Associates, Inc.to answer the question(s) . $\begin{array}{lll}october&1&\text { Bills are sent to clients for services provided in September in the amount of \$ 800 .}\\&9&\text { Dravo Co. delivers office fumiture (\$ 1,060) and office supplies (\$ 160) to }\\&&\text { Monaco leaving an invoice for \$ 1,220 .}\\&15&\text { Payment is made to Dravo Co. for the furniture and office supplies delivered }\\&&\text { on October 9.}\\&23&\text { A bill for \$ 430 for electricity for the month of September is received and will }\\&&\text { be paid on its due date in November.}\\&31&\text { Salaries of \$ 850 are paid to employees.}\\\end{array}$ -See the transactions to Monaco & Associates. The journal entry to record the October 15 transaction will include a debit of $1,220 to

A cancelled check would be a source document for which of the following?