Question 1

The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented.Assume that the dollar amounts and the descriptions of the entries are correct.
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  Required: If you assume that all journal entries have been recorded correctly,use the above information to:
(1)Identify the postings to the general ledger that were made incorrectly.
(2)Describe how each incorrect posting should have been made.

Accepted Answer

(1)The bookkeeper incorrectly posted the...

Question 2

The posting process will include the transfer of which of the following data from the journal to the account?

Accepted Answer

A)   date,amount (debit or credit) 
B)   date,amount (debit or credit) ,journal page number
C)   amount (debit or credit) ,account number
D)   date,amount (debit or credit) ,account numberE) A) and B)
F) A) and C)

Question 3

A debit signifies a decrease in

Accepted Answer

A)   assets
B)   expenses
C)   dividends
D)   revenuesE) All of the above
F) B) and D)

Question 4

Which of the following groups of accounts increase with a credit?

Accepted Answer

A)   common stock,revenues,expenses
B)   assets,common stock,revenues
C)   liabilities,common stock,revenues
D)   none of theseE) A) and D)
F) All of the above

Question 5

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Accepted Answer

A) True 
 B)False

Question 6

Richardson Company has a condensed income statement as shown. ​
 Using horizontal analysis,calculate the amount and percent change for sales.Round percentages to one decimal place.

Accepted Answer

A)   $15,500,19.6%
B)   $(15,500) ,(10.3) %
C)   $15,500,10.3%
D)   $(15,500) ,(9.4) %E) A) and D)
F) A) and C)

Question 7

In which order are the accounts listed in the chart of accounts?

Accepted Answer

A)   assets,expenses,liabilities,stockholders' equity,revenues
B)   stockholders' equity,assets,liabilities,revenues,expenses
C)   assets,liabilities,stockholders' equity,revenues,expenses
D)   assets,liabilities,revenues,expenses,stockholders' equityE) A) and D)
F) A) and C)

Question 8

Analyze the effect of the following transactions on the accounting equation.
​
  Some of the possible effects of a transaction on the accounting equation are listed below:
​
  Put the appropriate letter next to each transaction.

Accepted Answer

The answer of Analyze the effect of the following transactions...

Question 9

Liability accounts are increased by debits.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following balances is always due to an error?

Accepted Answer

A)   Office Equipment - credit balance of $500
B)   Retained Earnings - debit balance of $1,000
C)   Dividends - debit balance of $2,500
D)   Accounts Payable - debit balance of $600E) B) and D)
F) None of the above

Question 11

Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down,with the remainder to be paid later.The correct entry would be

Accepted Answer

A)   Equipment 2,250Cash 2,250
B)   Cash 2,250Accounts Payable 6,250Equipment 8,500
C)   Equipment Expense 8,500Accounts Payable 2,250Cash 6,250
D)   Equipment 8,500Accounts Payable 6,250Cash 2,250E) A) and B)
F) B) and C)

Question 12

Journalizing always eliminates fraudulent activity.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Accepted Answer

A) True 
 B)False

Question 15

The normal balance of revenue accounts is a credit.

Accepted Answer

A) True 
 B)False

Question 16

The erroneous moving of an entire number one or more spaces to the right or left,such as writing $85 as $850,is called a transposition.

Accepted Answer

A) True 
 B)False

Question 17

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Accepted Answer

A)   ​Cash 40,000Common Stock 40,000Issued common stock for cash.
B)   ​Accounts Receivable 40,000Common Stock 40,000Issued common stock for cash.
C)   ​Common Stock 40,000Cash 40,000Issued common stock for cash.
D)   Loans Payable 40,000Cash 40,000Issued common stock for cash.E) B) and D)
F) None of the above

Question 18

Which of the following accounts are debited to record increases?

Accepted Answer

A)   assets and liabilities
B)   dividends and liabilities
C)   expenses and liabilities
D)   assets and expensesE) A) and C)
F) A) and D)

Question 19

Consuming goods and services in the process of generating revenues results in expenses.

Accepted Answer

A) True 
 B)False

Question 20

The payment for the monthly rent will require which of the following entries?

Accepted Answer

A)   debit Cash and debit Rent Expense
B)   credit Cash and credit Rent Expense
C)   debit Rent Expense and credit Cash
D)   credit Rent Expense and debit CashE) C) and D)
F) None of the above

Exam 2: Analyzing Transactions

Analyze the effect of the following transactions on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below: Put the appropriate letter next to each transaction.

Correct Answer
verified

Which of the following groups of accounts increase with a credit?

Correct Answer
verified

Richardson Company has a condensed income statement as shown. Using horizontal analysis,calculate the amount and percent change for sales.Round percentages to one decimal place.

Correct Answer
verified

Which of the following balances is always due to an error?

Correct Answer
verified

The payment for the monthly rent will require which of the following entries?

Correct Answer
verified

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Correct Answer
verified

Correct Answer
verified
(1)The bookkeeper incorrectly posted the...
View Answer

Which of the following accounts are debited to record increases?

Correct Answer
verified

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

Correct Answer
verified

The normal balance of revenue accounts is a credit.

Correct Answer
verified

Journalizing always eliminates fraudulent activity.

Correct Answer
verified

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Correct Answer
verified

In which order are the accounts listed in the chart of accounts?

Correct Answer
verified

A debit signifies a decrease in

Correct Answer
verified

Liability accounts are increased by debits.

Correct Answer
verified

Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down,with the remainder to be paid later.The correct entry would be

Correct Answer
verified

Consuming goods and services in the process of generating revenues results in expenses.

Correct Answer
verified

The erroneous moving of an entire number one or more spaces to the right or left,such as writing $85 as $850,is called a transposition.

Correct Answer
verified

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Correct Answer
verified

The posting process will include the transfer of which of the following data from the journal to the account?

Correct Answer
verified

Exam 2: Analyzing Transactions

Analyze the effect of the following transactions on the accounting equation. ​ Some of the possible effects of a transaction on the accounting equation are listed below: ​ Put the appropriate letter next to each transaction.

Correct AnswerverifiedShow Answer

Which of the following groups of accounts increase with a credit?

Correct AnswerverifiedShow Answer

Richardson Company has a condensed income statement as shown. ​ Using horizontal analysis,calculate the amount and percent change for sales.Round percentages to one decimal place.

Correct AnswerverifiedShow Answer

Which of the following balances is always due to an error?

Correct AnswerverifiedShow Answer

The payment for the monthly rent will require which of the following entries?

Correct AnswerverifiedShow Answer

Joshua Scott invests $40,000 into his new business.How would this transaction be entered in the journal in good form?

Correct AnswerverifiedShow Answer

Correct Answerverified(1)The bookkeeper incorrectly posted the...View AnswerShow Answer

Which of the following accounts are debited to record increases?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The normal balance of revenue accounts is a credit.

Correct AnswerverifiedShow Answer

Journalizing always eliminates fraudulent activity.

Correct AnswerverifiedShow Answer

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Correct AnswerverifiedShow Answer

In which order are the accounts listed in the chart of accounts?

Correct AnswerverifiedShow Answer

A debit signifies a decrease in

Correct AnswerverifiedShow Answer

Liability accounts are increased by debits.

Correct AnswerverifiedShow Answer

Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down,with the remainder to be paid later.The correct entry would be

Correct AnswerverifiedShow Answer

Consuming goods and services in the process of generating revenues results in expenses.

Correct AnswerverifiedShow Answer

The erroneous moving of an entire number one or more spaces to the right or left,such as writing $85 as $850,is called a transposition.

Correct AnswerverifiedShow Answer

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Correct AnswerverifiedShow Answer

The posting process will include the transfer of which of the following data from the journal to the account?

Correct AnswerverifiedShow Answer

Analyze the effect of the following transactions on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below: Put the appropriate letter next to each transaction.

Correct Answer
verified

Correct Answer
verified

Richardson Company has a condensed income statement as shown. Using horizontal analysis,calculate the amount and percent change for sales.Round percentages to one decimal place.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
(1)The bookkeeper incorrectly posted the...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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