Determine the ending balance

Assignment Help Financial Accounting

Reference no: EM1314283

Objective Type questions in relation to passing of Journal Entries.

1. A credit may signify a _____

a. decrease in assets

b. decrease in liabilities

c. decrease in capital

d. decrease in revenue

2. Which of the following applications of the rules of debit and credit is true?

a. decrease Prepaid Insurance with a credit and the normal balance is a credit

b. increase Accounts Payable with a credit and the normal balance is a debit

c. increase Supplies Expense with a debit and the normal balance is a debit

d. decrease Cash with a debit and the normal balance is a credit

3. Which of the following entries records the receipt of cash from patients on account?

a. Accounts Payable, debit; Fees Earned, credit

b. Accounts Receivable, debit; Fees Earned, credit

c. Accounts Receivable, debit; Cash, credit

d. Cash, debit; Accounts Receivable, credit

4. A cash payment is recorded on the cash account as a _____

a. either a debit or a credit

b. credit

c. debit

d. either a debit or a credit

5. Prepare a journal entry for the purchase of office equipment on November 23 for $13,750,

paying $5,000 cash and the reminder on account

what is the debit amount for the transaction?

a. $5,000

b. $8,750

c. $13,750

d. None of the above

6. Prepare a journal entry on february 2 for fees earned on account, $6,300

what is the journal entry?

a. Debit Cash $6,300; Credit Fees Earned $6,300

b. Debit Accounts Receivable $6,300; Credit Fees Earned $6,300

c. Fees Earned $6,300; Credit Cash $6,300

d. Debit Fees Earned $6,300; Credit Accounts Receivable $6,300

a. Kara transferred cash from a personal bank acc to an acc to be used for the business

b. paid rent on office and equipment for the month $2,500

c. Purchased supplies on acc $850

d. paid creditor on acc $ 400

e. Earned sales commissions, receiving cash $ 15,750

f. paid auto expenses (incl rental charge)for month $2,400, and misc expenses $ 600

g. paid office salaries $ 3,250

h. Determined that the cost of supplies used was $575

i. withdrew cash for personal use $ 1,000

what is the ending balance of the cash account?

a. $20,600

b. $21,400

c. $15,000

d. $15,750

8. From the same problem above (7). what is the ending balance of unadjusted the trial

balance? (Points: 7)

a. $27,200

b. $28,200

c. $29,200

d. $31,200

Reference no: EM1314283

Questions Cloud

Normal distribution introduction : What percent of the Fords traveled 62.000 miles or less during the year?

Mark each statement true or false : Mark each statement True or False.

Items of calculation of gnp : Which of the following items are included in the calculation of GNP in the UK, and which are excluded?

Evaluate the company''s total cost of merchandise : Evaluate the company's total cost of merchandise purchased for the year and prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses.

Determine the ending balance : Determine the ending balance of unadjusted the trial and what is the ending balance of the cash account

Likelihood of the sample mean : What is the likelihood the sample mean is greater than $22.50 but less than $25.00?

What journal entry is recorded : Calculating Revenue Profit & Capital Profit and passing Journal Entry - If Bon Air sells 400 shares of this stock on December 31, 2007, for $60,000 cash, what journal entry is recorded?

Describe identification of audit errors made by em : Describe Identification of Audit Errors made by EM and Precautionary measures to be taken and There were several unusually large sales that were made near year end

Confidence interval for the population mean : Based on this sample information, develop a 90 percent confidence interval for the population mean yearly premium.

User Account

All Pages