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Exam 2: Analyzing Transactions

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Question 31

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Which of the following entries records the receipt of cash from clients on account?

A) Accounts Payable, debit; Fees Earned, credit
B) Accounts Receivable, debit; Fees Earned, credit
C) Accounts Receivable, debit; Cash, credit
D) Cash, debit; Accounts Receivable, credit

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Question 32

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Several transactions are listed below,with the accounting equation stated to the right side of each.Use the following identification codes to indicate the effects of each transaction on the accounting equation.Write your answers in the space provided under the accounting equation.You need an identification code for each element of the accounting equation.An example is given before the first transaction.​ ​ ​​​

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Question 33

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For a month's transactions for a typical medium-sized business,the accounts payable account is likely to have only credit entries.

A credit may signify a

Which of the following entries records the payment of insurance for the current month?

When an account receivable is collected in cash,the total assets of the business increase.

Journalizing is the process of entering amounts in the ledger.

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

Which of the following owner's equity accounts follows the same debit and credit rules as liabilities?

When an owner invests assets in the business,the capital account increases due to revenue being earned.

For the following,mark a "D" if the following account normally has a debit balance and mark a "C" if the following account normally has a credit balance. _____1. Notes Payable _____2. Mortgage Payable _____3. Drawing _____4. Accounts Receivable _____5. Capital _____6. Rent Revenue _____7. Unearned Income _____8. Utility Expense _____9. Automobiles

Which of the following errors,each considered individually,would cause the trial balance totals to be unequal?

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

When a transposition error is made on the trial balance,the difference between the debit and credit totals on the trial balance will be

Owner's equity will be reduced by all of the following except

The process of recording a transaction in the journal is called journalizing.

Depending on the account title,the right side of the account is referred to as the credit side.

The process of recording a transaction in the journal is called

The cash account will always be debited.

On October 17,Nickle Company purchased a building and a plot of land for $750,000.The building was valued at $500,000 while the land carried a value of $250,000.Nickle paid $300,000 down in cash and signed a note payable for the balance.Provide the journal entry for this transaction.