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Exam 3: Recording Accounting Transactions

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Question 51

Multiple Choice

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A credit means:

A) the event had a favorable impact on the entity's financial statements.
B) the event had an unfavorable impact on the entity's financial statements.
C) the event had an effect on the right side of the T-account.
D) the event had an effect on the liabilities.

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Question 52

Multiple Choice

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Which pair of accounts has the same set of rules for debit and credit entries?

A) Service revenue and Rent expense
B) Dividends and Retained earnings
C) Equipment and Salaries expense
D) Accounts receivable and Accounts payable

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Question 53

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A list of all active accounts and their balances at a particular date, which is used to prove the equality of debits and credits, is called a:

For liabilities, equity, and revenue accounts, debit entries represent ____________________.

Inferex Corporation The following transactions were incurred by the Inferex Corporation during June 2012. - Refer to the information presented for Inferex Corporation. Record each transaction in proper journal entry format in the journal provided. A written explanation for each journal entry is not required.

When a firm borrows money, one effect on the accounting equation is a(n) :

A(n) ____________________ is a chronological record of all transactions entered into by a business.

The chronological record in which transactions are initially recorded in the order in which they occur is called a:

Inferex Corporation The following transactions were incurred by the Inferex Corporation during June 2012. Refer to the information presented for Inferex Corporation. Indicate the economic effects of each transaction above on the accounting equation. Use the following format for your answers. Show the dollar amounts in the appropriate columns and use a plus (+) sign to indicate an increase and a minus (-) sign to indicate a decrease.

Four journal entries are presented below. Write an explanation for each entry.

The two-column record used to accumulate increases and decreases for individual assets, liabilities, equity, revenue, expense, and dividends items is a:

All of the following accounts have normal credit balances except:

Which pair of accounts has the same set of rules for debit and credit entries?

The telephone bill for the current period is received and recorded, but payment will be made later. What effect does this transaction have on the accounting equation?

Hesson Properties, Inc. Transactions for Hesson Properties are provided below. - Refer to the transactions that occurred at Hesson Properties. Based on these transactions, what is the journal entry to record the November 15th transaction?

Bravada Enterprises Transactions for Bravada Enterprises are provided below. - Refer to the transactions that occurred at Bravada Enterprises. Based on these transactions, what is the total amount of expenses that should appear on Bravada's income statement for September?

The normal balance of a revenue account is a ____________________.

Which of the following statements is true regarding economic events?

The Regent Company purchased equipment for $100,000 cash. What is the effect on assets?

Lang Industries provided services to customers then sent invoices for the amounts owed. What effect does this transaction have on the accounting equation?