question

On which financial statement will income summary be shown?

answer

No financial statement

question

What account would be classified as a current asset on the balance sheet?

answer

Accounts receivable.

question

The balance sheet should be prepared...

answer

After the income statement and the statement of retained earnings

question

When a work sheet is complete, the adjusted columns should have

answer

Total debits = total credits.

question

An initial investment of cash into an organization is recorded with a

answer

Debit to cash and a credit to capital stock.

question

A credit may signify an

answer

Decrease in expense accounts

question

The process of transferring the debits and credits from the journal to the accounts in the ledger is called...

answer

Posting

question

If Websavvy purchased an insurance policy for the automobile that is used in the business and the policy was 24 months and cost$4,800, the entry to record the transaction would be:

answer

Prepaid Insurance 4800 Cash. 4800

question

Websavvy paid the electric and gas bill for the month in the amount of $325,000. What is the entry to record this transaction?

answer

Debit utilities expense for $325 credit cash for 325.

question

What proof of equality is prepared to determined if debits are equal to credits and can ultimately be used to discover some errors.

answer

Trial balance.

question

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

answer

Fees earned

question

The type of account with a normal credit balance is...

answer

A revenue.

question

Webs by J completed a website for Julia's health food store and received $2500. What journal entry will Webs by J make to record this transaction?

answer

Debit cash $2,500, credit fees earned $2,500.

question

The receipt of cash from customers in payment of their accounts would be record ed by:

answer

A debit to cash, and a Credit to accounts receivable.

question

in which of the following types of accounts are increases recorded by credits?

answer

liability, revenue

question

The verification that the sum of the debits and the sum of the credits in the ledger are equal is called:

answer

trial balance

question

the process of initially recording a business transaction is called:

answer

journalizing

question

Normal account balance (+) advertising expense

answer

debit

question

Normal account balance (+) Service Recenue

answer

credit

question

Normal account balance (+) Capital Stock

answer

Credit

question

Normal account balance (+) Notes payable

answer

credit

question

Normal account balance (+) Accounts Receivable

answer

Debit

question

Normal account balance (+) Cash

answer

Debit

question

Normal account balance (+) Assets

answer

Debit

question

Normal account balance (+) Liabilities

answer

Credit

question

Normal account balance (+) Stockholder's Equity

answer

Credit

question

Normal account balance (+) Revenue Accounts

answer

Credit

question

Normal account balance (+) Expense Accounts

answer

Debit

question

Normal account balance (+) Dividens account

answer

Debit

question

Which account will appear on the post-closing trial balance?

answer

Dividends

question

dividends will have what effect upon retained earnings?

answer

Decrese

question

The closing entries made by plaza theater always involve posting a debit to which of the following accounts?

answer

Ticket Revenue

question

The purpose of making the closing entries is to

answer

prepare revenue and expense accounts for the recording of the next period's revenue and expenses.

question

which account will not appear onthe post-closing trial balance?

answer

professional fees earned

question

during the closing process

answer

all revenue accounts are debited and expense accounts are credited

question

if the income statement credit column is greater than the income statement debit column

answer

net income exists

question

which of the following accounts in the adjusted trial balance columns of the work sheet would be extended to the balance sheet columns?

answer

dividends

question

which of the following accounts would be classified as a current asset on the balance sheet?

answer

accounts recivable

question

to record the payment of this months utility bill you woud

answer

decrese assets, decrease stockholders equity

question

to record supplies purchased on the account, you would

answer

increase assets, decrease assets

question

a balance sheet

answer

reports the amount of assets, liabilities and stockholders equity as of a specific date

question

a statement listing the revenues and expenses for a specific time period is a

answer

income statement

question

liabilities are reported on

answer

the balance sheet

question

Capital stock is SE, R, A, L, E?

answer

SE

question

Supplies are SE, R, A, L, E?

answer

A

question

Fees earned are SE, R, A, L, E?

answer

R

question

Wages Expense is SE, R, A, L, E?

answer

E

question

Retained Earnings is SE, R, A, L, E?

answer

SE

question

Accounts Payable is SE, R, A, L, E?

answer

L

question

Cash is RE, BS, IS?

answer

BS

question

service revenue RE, BS, IS?

answer

IS

question

Dividends RE, BS, IS?

answer

RE

question

Utilities Expense RE, BS, IS?

answer

IS

question

Wages Payable RE, BS, IS?

answer

BS

question

Accounts Receivable RE, BS, IS?

answer

BS

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