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Exam 2: Analyzing Transactions

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Question 51

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Journalizing is the process of entering amounts in the ledger.

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Question 52

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The Post. Ref. columns are used to trace transactions from the journal to the accounts. What will be entered in the Post. Ref. column of (a) the journal and (b) the account?

A) (a) the amount of the debit or credit (b) the journal page number
B) (a) the journal page number (b) the date of the transaction
C) (a) the journal page number, (b) the account number
D) (a) the account number, (b) the journal page number

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Question 53

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A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet.

On January 1, 2011, Cary Parsons established Cary's Catering Service. Listed below are accounts to use for transactions (a) through (e), 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 is not a correct rule of debits and credits?

The chart of accounts for Miguel Corporation includes the following: On journal page 5, the following transaction was found: What is the posting reference that will be found in the Salaries Expense account?

Which of the following entries records the cash sale of capital stock to stockholders?

On January 8th, JumpStart purchased $20,000 worth of office equipment. Prepare the journal entry to record this transaction.

The dividends account is an example of an expense.

Below is the unadjusted trial balance for Dawson Designs at December 31, 2011 - the end of its first year in business. (1) Identify the errors in the following trial balance. All accounts have normal balances. (2) Prepare a corrected trial balance.

Which of the following is true about a T account?

On November 1st, Nikle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land. Prepare the journal entry to record this transaction.

The chart of accounts is designed to

Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations.

Cash was paid by Ari's Alarm Service to creditors on account. Which of the following entries for Ari's Alarm Service records this transaction?

A dividends account records amounts paid to stockholders.

When a company issues new shares of stock, the capital stock account increases due to revenue being earned.

The recording of cash receipts to the cash account will be done by debiting the account.

Which of the following group of accounts are increased with a debit?

Which side of the account increases a cash account?