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 31

Multiple Choice

Review LaterAdd Note

Review Later

A debit may signify a(n)

A) decrease in an asset account
B) decrease in a liability account
C) increase in the retained earnings account
D) decrease in the dividends account

Correct Answer

verified

Show Answer

Question 32

True/False

Review LaterAdd Note

Review Later

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

Correct Answer

verified

Show Answer

Question 33

Multiple Choice

Review LaterAdd Note

Retained earnings will be reduced by all of the following except

Georgia Company has condensed income statements as follows: REQUIRED: Prepare a horizontal analysis of Georgia Company's income statements. Comment on the trends, both favorable and unfavorable.

A transaction that is recorded in the journal is called a journal entry.

Which of the following statements is not true about liabilities?

The increase side of all accounts is the normal balance.

The payment for the monthly rent will require which of the following entries?

A debit signifies a decrease in

Journalizing eliminates fraud.

On August 30th, JumpStart paid numerous bills which include: Payment to the landlord for August rent, $950 Payment to the Gas & Electric Company for August's bill, $525 Payment of employee wages for the last half of August, $1,880 Payment of shopping center's parking lot cleaning fee, $275 Journalize these payments as one compound journal entry.

On the chart of accounts, the balance sheet accounts are normally listed in the following order

The post reference notation used in the journal is the page number.

The normal balance of an expense account is a credit.

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

Expenses use up assets or consume services in the process of generating revenues.

Answer the following questions for each of the errors listed below, considered individually: Present your answers in columnar form, using the following headings: Errors:

Expenses follow the same debit and credit rules as

On January 1, 2011, Cary Parsons established Cary's 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 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.

Which of the following entries records the payment of rent for the current month?