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Exam 2: The Recording Process

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Question 1

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On August 13, 2021, Swell Maps Enterprises purchased equipment for $1,300 and supplies of $200 on account.Which of the following journal entries is recorded correctly and in the standard format?

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Question 2

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A trial balance will not balance if

A) a journal entry is posted twice.
B) an incorrect amount is used in journalizing.
C) incorrect account titles are used in journalizing.
D) a journal entry is only partially posted.

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Question 3

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The double-entry system requires that each transaction must be recorded

If a company has overdrawn its bank balance, then

A list of accounts and their balances at a given time is called a(n)

At December 1, 2021, Cursive Company's accounts receivable balance was $1,800.During December, Cursive had revenues on account of $7,200 and collected accounts receivable of $6,000.At December 31, 2021, the accounts receivable balance is

Transactions are recorded in alphabetic order in a journal.

If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates

At September 1, 2021, Promise Ring Co.reported stockholders' equity of $156,000. During the month, Promise Ring generated revenues of $38,000, incurred expenses of $21,000, purchased equipment for $5,000 and paid dividends of $2,000.What is the amount of stockholders' equity at September 30, 2021?

Each transaction must be analyzed in terms of its effect on the accounts before it can be recorded in a journal.

For each of the following accounts indicate the effect of a debit or a credit on the account and the normal balance.Increase (+), Decrease (-).

An account is an individual accounting record of increases and decreases in specific

In recording business transactions, evidence that an accounting transaction has taken place is obtained from

For the accounts listed below, indicate if the normal balance of the account is a debit or credit.

The trial balance will not balance when incorrect account titles are used in journalizing or posting.

The transactions of the Liberty Belle Store are recorded in the general journal below.You are to post the journal entries to T-accounts.Liberty Belle is in their first period of operations.

When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers.

TNT Company has the following transactions during April of the current year.Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis. Apr.1 Opens a law office, investing $25,000 in cash. 4 Pays rent in advance for 6 months, $9,000 cash. 16 Receives $8,000 from clients for services provided. 27 Pays secretary $2,800 salary.

On June 1, 2021, Portugal Inc.reported a cash balance of $12,000.During June, Portugal made deposits of $5,000 and made disbursements totalling $14,000.What is the cash balance at the end of June?

The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger.