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Exam 3: Processing Accounting Information

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Question 71

True/False

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A trial balance is a financial statement.

A) True
B) False

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Question 72

Multiple Choice

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Debit and credit would best be described as terms.

A) abnormal
B) increasing/decreasing
C) quantitative
D) locational

E) None of the above
F) A) and C)

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Question 73

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The principle says that, with a few exceptions, assets are not carried at market values, but at their original cost.

Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Wages and Salaries Expense

The general ledger is sometimes called the book of original entry because it is the accounting record where transactions are first recorded.

A trial balance is aan:

Double-entry accounting is best characterized as:

Prepare the journal entry to record each of the following independent transactions. Use the number of the transaction in place of a date for identification purposes. 1. Services provided for cash of $7,050. 2. Purchase of equipment for cash of $2,240. 3. Services provided on account of $530. 4. Purchases of supplies on account for $365.

Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Bonds Payable

A credit means that:

During May, Aniston, Inc. purchased office supplies for cash. The supplies will be used in June. What effect does this purchase transaction have on the accounting equation?

A trial balance is the listing of each account and its balance at a specific point in time.

Identify which of the following would be recorded as external events, recorded as internal events, or not recorded. -The company takes a count of the raw materials inventory and finds that an adjustment is needed.

For each of the following accounts, indicate whether it is a balance sheet account or an income statement account. -Income Taxes Payable

The purchase of office equipment on credit has what effect on the accounting equation?

Refer to the Terry Company transactions.Required: Indicate the economic effects of each transaction above on the accounting equation. Use the following format for your answers. Show the dollar amounts in the appropriate columns and use a "+" plus sign to indicate an increase and a "-" minus sign to indicate a decrease.

Identify which of the following would be recorded as external events, recorded as internal events, or not recorded. -The company hires a new secretary.

The Holmes Company purchased a building for $75,000 in cash. What is the effect on current assets?

Wolfe Inc. Wolfe Inc. reports these account balances at January 1, 2015: -See the account balances for Wolfe Inc. On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe's Trial balance prepared on January 31, 2015, the total of the credit column is:

An entry made to the right side of an account is called a: