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Exam 2: Double-Entry Accounting

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Question 21

True/False

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

A) True
B) False

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Question 22

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The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. ​ ​ Prepare a trial balance. The total of the debits is

A) $13,900
B) $11,200
C) $12,700
D) $9,700

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

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Question 23

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

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled $375,880. Determine the cash balance on January 1.

The accounts payable account is listed in the chart of accounts as an asset.

Faso Fabricating, Inc. and Spinoza Fabrication Corp. are in the same industry and are located in the same region of the country. They have condensed income statements as shown. Using horizontal analysis, calculate the percent change for sales for each company. Round percentages to one decimal place.

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses. ​

On October 17, Nikle 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. Nikle paid $300,000 down in cash and signed a note payable for the balance. Provide the journal entry for this transaction.

Prepare a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30.

The Dividends account is an expense.

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

All of the following accounts are increased with a debit except

Revenue accounts are increased by credits.

Postings made to standard account forms show a new balance after each entry.

A dividends account represents the amount of earnings paid to the stockholders.

When an account payable is paid with cash, the stockholders' equity in the business decreases.

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. Dividends _____4. Accounts Receivable _____5. Common Stock _____6. Rent Revenue _____7. Unearned Revenue _____8. Utility Expense _____9. Automobiles

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

On June 1, the cash account balance was $96,750. During June, cash receipts totaled $305,000 and the June 30 balance was $75,880. Determine the cash payments made during June.

On August 30, JumpStart incurred the following expenses: Payment to the landlord for August rent, $2,300 Payment to the Gas & Electric Company for August's bill, $525 Payment of employee wages for the last half of August, $1,750 Payment of shopping center's parking lot cleaning fee, $275 ​ Journalize these payments as one journal entry.