Journalizing transaction - Study guides, Class notes & Summaries

Received Cash from the owner as an investment. - Answer Debit - Cash Credit - Capital Brought Supplies on Account. - Answer Debit - Supplies Credit - Accounts Payable Paid Cash for Rent. - Answer......

Journalizing Transactions Exam Questions and Verified Answers Already Passed Graded A+ Debit Drawing, Credit Cash - Answers Paid cash to owner for a withdrawal of equity. Debit Cash, Credit Accounts Receivable - Answers Received cash on account. Debit Expense, Credit Cash - Answers Paid cash for any kind of expense. Debit Accounts Receivable, Credit Sales - Answers Sold services on account. Debit Cash, Credit Sales - Answers Received cash from sales. Debit Accounts Payable, Credit Cash - A...

Collects and processes transaction data and then disseminates the financial information to interested parties. - ANSWER-Accounting Information System Expenses incurred but not yet paid in cash or recorded. - ANSWER-Accrued Expenses The trial balance taken immediately after all adjustments have been posted. - ANSWER-Adjusted Trial Balance Entry made at the end of an accounting period to bring all accounts up to date on an accrual basis, so that the company can prepare correct financial s...

Planning, recording, analyzing, and interpreting financial information - correct answer Accounting An equation showing the relationship among assets, liabilities, and owner's equity - correct answer Accounting Equation Accounting Equation - correct answer Assets = Liabilities + Capital When a business starts, what will the accounting equation look like? - correct answer Both sides equal to zero What is the language of a business? -...

CHAPTER 2 THE RECORDING PROCESS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 9. 1 K 17. 2 K 25. 3 K 33. 2 K 2. 1 K 10. 1 K 18. 2 K 26. 3 C 34. 3 K 3. 1 K 11. 1 K 19. 2 K 27. 3 K 35. 3 C 4. 1 K 12. 1 K 20. 2 K 28. 3 K 36. 4 K 5. 1 K 13. 1 K 21. 2 K 29. 3 K 37. 4 K 6. 1 K 14. 1 K 22. 2 K 30. 4 K 7. 1 K 15. 2 K 23. 2 K 31. 1 K 8. 1 K 16. 2 K 24. 2 K 32. 1 K Multiple Choice Questio...

Principles of Accounting PJSO Test Questions And Answers What must an accountant record when journalizing a transaction? - ANSWER- Description of the transaction What does double-entry accounting refer to? - ANSWER- Recording equal debits and credits for each transaction What are the key components of every double-entry accounting record? - ANSWER- At least one debit entry and at least one credit entry What is a characteristic of an asset account? - ANSWER- Increases with a debit...

A device for recording the changes (increases or decreases) in the fundamental accounting elements. Account The process involved in journalizing, posting to the ledger, taking a trial balance, preparing statements, making adjusting and closing entires, and preparing a post-closing trial balance. Accounting cycle Which of the following terms is defined as an unwritten promise by a customer to pay, at a later date, goods sold or services rendered? Accounts receivable Entries made at the conc...

Financial Accounting Test 1 Exam Questions And Answers 2024 A business entity is an individual, association, or organization with control over economic resources and which engages in economic activities. -correct answer-T Liabilities represent an "inside" interest in a business. -correct answer-F The accounting equation shows the relationship among the three basic accounting elements--assets, revenues, and owner's equity. -correct answer-F If owner's equity and liabilities increase...

Chapter 03 1. Which of the following is/are not true about a proper journal entry? a. An explanation is needed immediately after each debit and immediately after each credit. b. All credits are indented. c. A debit is never indented, even if a liability or owner's equity account is involved. d. All debits are listed before the first credit. e. In a compound entry, the largest amounts are listed first. ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARD...

NLKT CLC TEST BANK Exam Questions With Verified Answers. Account often need to be adjusted because - answermany transactions affect more than one- time period Which of the following errors will cause a trial balance to be out of balance? The entry to record a payment on account was not posted at all - answerposted as a debit to Cash and a debit to Accounts Payable When journalizing, the reference column is - answerused to reference the journal page A post-closing trial balance is prepare...