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Chapter 2--Analyzing Transactions




Question;170. The;accounts in the ledger of Monroe Entertainment Co. are listed in alphabetical;order. All accounts have normal balances.;Accounts Payable;1,500;Fees Earned;3,600;Accounts Receivable;1,800;Insurance Expense;1,300;Prepaid Insurance;2,000;Land;3,000;Cash;3,200;Wages Expense;1,400;Drawing;1,200;Capital;8,800;Prepare a trial balance. The total of the debits is;A. $13,900;B. $11,200;C. $12,700;D. $9,700;171. Of;the following financial reports, which one is the one that will determine if;the accounting equation is in balance?;A. Journal entry;B. Income statement;C. Trial balance;D. Account reconciliation;172. An;overpayment error was discovered in computing and paying the wages of a Jamison;Tree Trimming employee. When Jamison receives cash from the employee for;the amount of the overpayment, which of the following entries will Jamison;make?;A. Cash, debit, Wages Expense, credit;B. Wages Payable, debit, Wages Expense, credit;C. Wages Expense, debit, Cash, credit;D. Cash, debit, Wages Payable, credit;173. If;the two totals of a trial balance are not equal, it could be due to;A. failure to record a transaction;B. recording the same erroneous amount for both the debit and the credit;parts of a transaction;C. an error in determining the account balances, such as a balance being;incorrectly computed;D. recording the same transaction more than once;174. When;a transposition error is made on the trial balance, the difference between the;debit and credit totals on the trial balance will be;A. zero;B. twice the amount of the transposition;C. one-half the amount of the transposition;D. divisible by 9;175. Which;of the following errors, each considered individually, would cause the trial;balance totals to be unequal?;A. a transaction was not posted;B. a payment of $67 for insurance was posted as a debit of $76 to Prepaid;Insurance and a credit of $76 to Cash;C. a payment of $4,450 to a creditor was posted as a debit of $4,500 to;Accounts Payable and a credit of $450 to Accounts Receivable;D. cash received from customers on account was posted as a debit of $720;to Cash and a credit of $720 to Accounts Payable;176. Supplies;purchased on account were incorrectly recorded as Office Equipment. The;correcting entry would be;A. Supplies, debit, Office Equipment, credit.;B. Accounts Receivable, debit, Supplies, credit.;C. Office Equipment, debit, Supplies Expense, credit.;D. Supplies, debit, Accounts Payable, credit.;177. Which;of the following errors will cause the trial balance totals to be;unequal?;A. posting the debit portion of a journal entry incorrectly when the;credit portion of the entry is correctly posted;B. failure to record a transaction or to post a transaction;C. recording the same transaction more than once;D. recording the same erroneous amount for both the debit and the credit;parts of a transaction


Paper#55154 | Written in 18-Jul-2015

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