FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 2: Analyzing Transactions

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 41

Multiple Choice

Review LaterAdd Note

Review Later

Of the following,which is true about assets?

A) Assets include both physical and intangible items.
B) Assets include only physical items.
C) Assets are the personal property of the stockholders of the company.
D) Assets are the result of selling products or services to customers.

E) B) and D)
F) None of the above

Correct Answer

verified

Show Answer

Question 42

Multiple Choice

Review LaterAdd Note

Review Later

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

A) assets
B) liabilities
C) expenses
D) dividends

E) None of the above
F) All of the above

Correct Answer

verified

Show Answer

Question 43

True/False

Review LaterAdd Note

Revenues are equal to the difference between cash receipts and cash payments.

Debiting the cash account will increase the account.

Which of the following entries records the payment of an account payable?

Which of the following entries records the receipt of cash from clients on account?

The chart of accounts should be the same for each business.

On January 1,Merry Walker and other stockholders established a catering service.Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions that occurred during the first month of operations.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. ​

Depending on the account title,the right side of the account is referred to as the credit side.

Which of the following statements is not true about liabilities?

Which side of the account increases the cash account?

A debit may signify a(n)

The recording of cash payments from the cash account is done by entering the amount as a credit.

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

On January 7,stockholders invest $45,000 to initiate the operation of a business,JumpStart.Provide the journal entry for this transaction.

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.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. ​

Which statement(s) concerning cash is (are) true?

Which of the following is true regarding normal balances of accounts?

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.

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.