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Exam 2: Analyzing and Recording Transactions

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Question 61

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Generally,the ordering of accounts in a trial balance typically follows their identification number from the chart of accounts: assets,liabilities,equity,revenues,and expenses.

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Question 62

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Hamilton Industries has total liabilities of $105 million and total assets of $350 million.Its debt ratio is 333.3%.

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Question 63

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Match the following definitions and terms

A written promise to pay a definite sum of money on a specific future date is a(n) :

Common Stock normally has a debit balance.

On October 31,a company's Cash account had a normal balance of $7,000.During October,the account was debited for a total of $4,250 and credited for a total of $5,340.What was the balance in the Cash account at the beginning of October?

Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000?

Debits increase both asset and expense accounts.

A $130 credit to Office Equipment was credited to Fees Earned by mistake.By what amounts are the accounts under- or overstated as a result of this error?

Management Services,Inc.provides services to clients.On May 1,a client prepaid Management Services $60,000 for a six-month contract in advance.Management Services' journal entry to record this transaction will include a:

A debit is:

If a company pays cash to purchase land,the journal entry to record this transaction will include a debit to Cash.

According to IFRS,comparative information on financial statements is:

What would be the account balance in Accounts Receivable after the following transactions,assuming a zero beginning balance? $\begin{array}{|l|l|}\hline \text { Performed services and left a bill. } & \$ 4,200 \\\hline \text { Performed services and collected immediately. } & \$ 3,500 \\\hline \text { Performed services and billed customer. } & \$ 2,200 \\\hline \text { Performed services on account. } & \$ 6,000 \\\hline \text { Received partial payment on account. } & \$ 1,500\\\hline\end{array}$

Wisconsin Rentals purchased office supplies on credit.The journal entry made by Wisconsin Rentals to record this transaction will include a:

The posting process is the link between the _______________ and the _____________.

A revenue account normally has a debit balance.

Match the following definitions and terms by placing the number that identifies the best definition in the blank space next to the term:

Transactions are first recorded in the ledger.

On December 3,the Matador Company paid $5,400 cash in salaries to office personnel.Prepare the general journal entry to record this transaction.