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Chapter 2--Analyzing Transactions

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Question;101. A;debit balance in which of the following accounts would indicate a likely;error?;A. Salaries Expense;B. Notes Payable;C. Edgar Martin, Drawing;D. Supplies;102. Randomly;listed below are the steps for preparing a trial balance;(1);Verify that the total of the Debit column equals the total of;the Credit column.;(2);List the accounts from the ledger and enter their debit or;credit balance in the Debit or Credit column of the trial balance.;(3);List the name of the company, the title of the trial balance;and the date the trial balance is prepared.;(4);Total the Debit and Credit columns of the trial balance.;What is the proper order of these steps?;A. (3), (2), (4), (1);B. (2), (3), (4), (1);C. (3), (2), (1), (4);D. (4), (3), (2), (1);103. Which;of the following entries records the payment of an account payable?;A. debit Cash, credit Accounts Payable;B. debit Accounts Receivable, credit Cash;C. debit Cash, credit Supplies Expense;D. debit Accounts Payable, credit Cash;104. Which;of the following entries records the investment of cash by Ron York, owner of a;proprietorship?;A. debit Ron York, Capital, credit Accounts Receivable;B. debit Cash, credit Ron York, Capital;C. debit Ron York, Drawing, credit Cash;D. debit Cash, credit Ron York, Drawing;105. Which;of the following entries records the receipt of a utility bill from the water;company?;A. debit Utilities Expense, credit Accounts Payable;B. debit Utilities Payable, credit Accounts Receivable;C. debit Accounts Payable, credit Cash;D. debit Accounts Payable, credit Utilities Payable;106. Which;of the following entries records the withdrawal of cash by Sue Martin, owner of;a proprietorship, for personal use?;A. debit Sue Martin, Capital, credit Cash;B. debit Sue Martin, Drawing, credit Cash;C. debit Salaries Expense, credit Cash;D. debit Salaries Expense, credit Salaries Payable;107. Office;supplies were sold by Ari?s Alarm Service at cost to another repair shop, with;cash received. Which of the following entries for Ari?s Alarm Service;records this transaction?;A. Office Supplies, debit, Cash, credit;B. Office Supplies, debit, Accounts Payable, credit;C. Cash, debit, Office Supplies, credit;D. Accounts Payable, debit, Office Supplies, credit;108. Office;supplies purchased by Ari?s Alarm Service on account were returned. Which;of the following entries for Ari?s Alarm Service records this;transaction?;A. Cash, debit, Office Supplies, credit;B. Office Supplies, debit, Accounts Receivable, credit;C. Accounts Payable, debit, Office Supplies, credit;D. Office Supplies, debit, Accounts Payable, credit

 

Paper#55149 | Written in 18-Jul-2015

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