and investments by owners of $6,000. Its ending equity is:
equipment $50,000, and accounts payable $17,000. What is the amount of owner’s
a. Withdrawals account.
b. Capital account.
c. Revenue account.
d. Expense account.
e. Liability account.
a. Permanent accounts
b. Temporary accounts
c. Equity accounts
d. Closing accounts
e. None of these above
a. A revenue account.
b. The owner’s withdrawals account.
c. The owner’s capital account.
d. An expense account.
e. A liability account.
a. Revenues that have been earned and received in cash.
b. Revenues that have been earned but not yet collected in cash.
c. Liabilities created when a customer pays in advance for products or services before the
revenue is earned.
d. Recorded as an asset in the accounting records.
e. Increases to owners’ capital.
a. Payments made for products and services that do not ever expire.
b. Classified as liabilities on the balance sheet.
c. Decreases in equity.
d. Assets that represent prepayments of future expenses.
e. Promises of payments by customers.
a. An increase in an account.
b. The right-hand side of a T-account.
c. A decrease in an account.
d. The left-hand side of a T-account.
e. An increase to a liability account.
e. Account balance.
a. The normal balance of accounts receivable is a debit.
b. The normal balance of owner’s withdrawals is a debit.
c. The normal balance of unearned revenues is a credit.
d. The normal balance of an expense account is a credit.
e. The normal balance of the owner’s capital account is a credit.
a. A decrease in an expense account.
b. A decrease in an asset account.
c. An increase in an unearned revenue account.
d. An increase in a revenue account.
e. All of these.
credits affect an account balance is called a:
a. Withdrawals account.
b. Capital account.
c. Drawing account.
e. Balance column sheet.
a. The left side of a T-account is the credit side.
b. Debits decrease asset and expense accounts, and increase liability, equity, and revenue
c. The left side of a T-account is the debit side.
d. Credits increase asset and expense accounts, and decrease liability, equity, and revenue
e. In certain circumstances the total amount debited need not equal the total amount
credited for a particular transaction
a. Always a debit.
b. Is the difference between the total debits and total credits for an account
c. Is the difference between the total debits and total credits for an account including the
d. None of these
e. Always a credit.
b. Office Equipment.
c. Sales Salaries Payable.
d. Owner, Withdrawals.
e. Sales Salaries Expense.
a. A decrease in an asset account.
b. A decrease in an expense account.
c. An increase in a revenue account.
d. An increase in the balance of an owner’s capital account.
e. An increase in the balance of the owner’s withdrawals account.
by Wisconsin Rentals will include a:
a. Debit to Accounts Payable.
b. Debit to Accounts Receivable.
c. Credit to Cash.
d. Credit to Accounts Payable.
e. Credit to Wisconsin Rentals, Capital.
a. Recorded as a debit to an unearned revenue account.
b. Recorded as a debit to a prepaid expense account.
c. Recorded as a credit to an unearned revenue account.
d. Recorded as a credit to a prepaid expense account.
e. Not recorded in the accounting records until the earnings process is complete.
During September, the account was debited for a total of $12,200 and credited for a total
of $11,500. What was the balance in the Cash account at the beginning of September?
a. A $0 balance.
b. A $4,300 debit balance.
c. A $4,300 credit balance.
d. A $5,700 debit balance.
e. A $5,700 credit balance.
the month of May, total credits to Accounts Receivable were $52,000 from customer
payments. The May 31 Accounts Receivable balance was $13,000. What was the amount
of credit sales during May?
a. $ 5,000.
disbursements of $8,600. The February 28 cash balance was $1,800. What was the
January 31 beginning cash balance?
1. Received $900 cash for services provided to a customer during July.
2. Received $2,200 cash investment from Barbara Hanson, the owner of the business.
3. Received $750 from a customer in partial payment of his account receivable which
arose from sales in June.
4. Provided services to a customer on credit, $375.
5. Borrowed $6,000 from the bank by signing a promissory note.
6. Received $1,250 cash from a customer for services to be rendered next year.
What was the amount of revenue for July?
a. $ 900.
b. $ 1,275.
c. $ 2,525.
d. $ 3,275.
purchase a family automobile, the business should record this use of cash with an entry
a. Debit Salary Expense and credit Cash.
b. Debit Tim Jones, Salary and credit Cash.
c. Debit Cash and credit Tim Jones, Withdrawals.
d. Debit Tim Jones, Withdrawals and credit Cash.
e. Debit Automobiles and credit Cash.
1. Started the gallery, Artery, by investing $40,000 cash and equipment valued at
2. Purchased $70 of office supplies on credit.
3. Paid $1,200 cash for the receptionist’s salary.
4. Sold a painting for an artist and collected a $4,500 cash commission on the sale.
5. Completed an art appraisal and billed the client $200.
What was the balance of the cash account after these transactions were posted?
normal balance of $52,000 for accounts receivable. During January, the company
collected $14,800 from customers on account and provided additional services to
customers on account totaling $12,500. Additionally, during January one customer paid
Thomas $5,000 for services to be provided in the future. At the end of January, the
balance in the accounts receivable account should be:
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