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Exam 3: Analyzing Business Transactions Using T Accounts

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Question 51

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On a statement of owner's equity, beginning capital is $30,000, Net Income for the year is $11,000 and Drawing for the year is $6,000, the ending capital amount would be

A) $30,000
B) $35,000
C) $47,000
D) $25,000

E) A) and D)
F) C) and D)

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Question 52

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Separate written records called ____________________ are kept for each asset and liability and for the owner's equity of a business.

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Question 53

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When equipment is purchased for cash, the accountant enters an amount on the left side of the ____________________ account.

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below. $\begin{array} { l r l } \text { Cash } & 19,450 & \text { Fees Income } &-0-\\\text { Accounts Receivable } & 890 & \text { Rent Expense } &-0-\\\text { Office Equipment } & 2,300 & \text { Utilities Expense }&-0- \\\text { Supplies } & 250 & \text { Salaries Expense }&-0- \\\text { Accounts Payable } & 1,400 & \\\text { Kelly Connor, Capital } & 21,490 & \\\text { Kelly Connor, Drawing } & - 0 - &\end{array}$ The following transactions occurred during the month of November. a. Collected $350 from credit customers b. Issued a check for $700 for rent c. Paid $1,900 for salaries d. The owner withdrew $500 in cash for personal expenses e. Issued a check for $200 to pay the monthly utility bill f. Received $2,845 in cash for services performed g. Purchased office equipment for $1,350 on credit -Using the information shown, prepare an income statement, statement of owner's equity, and balance sheet for Paw Prints Pet Sitters for the month ended November 30, 2013.

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by

An entry on the left side of an account is called a(n) ____________________.

Rent Revenue is increased by _________________ the account.

The total of the figures on the left side of a Cash account is $25,800. The total of the figures on the right side is $14,100. The balance of this account

An increase in an expense results in an increase in owner's equity.

The account balances from the December 31, 2013, trial balance for Haman Accounting Services are shown below. Prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended December 31, 2013.

Revenue and expense accounts are called nominal or ____________________ accounts.

Which of the following represents the proper sequence for preparing the financial statements.

Debits are used to record

A firm paid cash to apply against a debt. To record this transaction, the accountant would

An account with a balance that carries over from one accounting period to another is a nominal account.

Which of the following does NOT describe a transposition?

The T account balances for the accounts of Rya's Planning Services as of January 31, 2013 are listed below. $\begin{array} { l r } \text { Cash } & \$ 21,500 \\\text { Accounts Receivable } & 17,500 \\\text { Office Supplies } & 500 \\\text { Equipment } & 15,000 \\\text { Accounts Payable } & 9,750 \\\text { Rya Page, Capital } & 28,200 \\\text { Rya Page, Drawing } & 5,000 \\\text { Planning Fees Income } & 26,250 \\\text { Office Supplies Expense } & 200 \\\text { Rent Expense } & 800 \\\text { Salaries Expense } & 3,000 \\\text { Utilities Expense } & 700\end{array}$ -Using the information given for Rya's Planning Services, create a Trial Balance as of January 31, 2013.

Gerald Conway makes an additional investment of $2,800 in cash to his business

Debits are used to record increases in

Which of the following would cause the Trial Balance to be out of balance?