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Exam 2: Analyzing Transactions

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Question 1

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On January 1, 2010, Cary Parsons established a catering service. Listed below are accounts to use for transactions (a) through (f), 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.

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Question 2

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Exhibit 2-1 All nine transactions for Ralston Sports Co. for September 2011, the first month of operations, are recorded in the following T accounts: Refer to Exhibit 2-1. Prepare a trial balance, listing the accounts in their proper order.

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Question 3

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

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. Journal entries: 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 the each incorrect posting should have been made.

Expenses can result from:

Liabilities are debts owed by the business entity.

Revenue accounts are increased by credits.

All owner's equity accounts record increases to the accounts with credits.

On September 1st, Erika Company purchased land for $47,500 cash. Write the journal entry in the space below.

Which of the following will increase owner's equity?

An account has three parts to it; a title, an increase side, and a decrease side.

Which of the following entries records the collection of cash from cash customers?

Total dollar amount of the debits equal the total dollar amount of the credits in the ledger can be verified through:

Of the following financial reports, which one is the one that will determine if the accounting equation is in balance?

The owner's equity will be reduced by all of the following accounts except:

A credit to the cash account will increase the account.

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

Which are the parts of the T account?

Which of the following statements is not true about liabilities?

The T account got its name because it resembles the letter "T."