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Exam 2: Analyzing Transactions

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Question 51

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Cash was paid by Ari's Alarm Service to creditors on account. Which of the following entries for Ari's Alarm Service records this transaction?

A) Cash, debit; Ari Fleish, Capital, credit
B) Accounts Payable, debit; Cash, credit
C) Accounts Receivable, debit; Cash, credit
D) Accounts Payable, debit; Account Receivable, credit

E) A) and C)
F) B) and C)

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Question 52

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Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

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Question 53

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

A credit balance in which of the following accounts would indicate a likely error?

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

Assets are increased with debits and decreased with credits.

A credit may signify a

On October 10th, Nikle Company purchased supplies worth $1,800 on account. (a) Write the journal entry in the space below. (b) Nikle Company paid this bill on October 25th. Write the journal entry in the space below.

Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit.

All of the following statements regarding a horizontal analysis are true except:

A debit is abbreviated as Db and a credit is abbreviated as Cr.

All of the following accounts are increased with a debit except:

The process of rewriting the information from the journal into the ledger is called

Journal entries can have more than two accounts as long as the debits equal the credits.

Revenues are equal to the difference between cash receipts and cash payments.

A trial balance determines the accuracy of the numbers.

On January 1, 2010, Cary Parsons established a catering service. Listed below are accounts to use for transactions (a) through (e), each identified by a number. Following this list are the transactions that occurred in Parsons' first month of operation. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.

Which one of the statements below is not a purpose for the journal?

The post reference notation used in the journal is the page number.

In which of the following types of accounts are decreases recorded by debits?