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Homework answers / question archive / Reading Area Community College ACCT 105 Chapter 2

Reading Area Community College ACCT 105 Chapter 2

Accounting

Reading Area Community College

ACCT 105

Chapter 2. Accounting for Business Transactions

1)Smith Company purchased $8,000 of supplies on credit. Show how to record this transaction to the T-account by selecting the correct answer below.

  1. Select the statements that are true regarding debiting and crediting.
  2. Match the items on the left with their definition on the right.

Assets =

Equity =

Revenues =

 Liabilities =

  1. Which of the following statements about the dividends account is (are) correct?
  2. Which of the following statements about revenues is correct?
  3. Which of the following accounts impact equity?
  4. When the stockholders receive a dividend, how would this affect the equity of a business?
  5. Which of the following account are examples of revenue?
  6. The stockholders of a business received a $1000 dividend. How would this affect the tool equity of the business?
  7. From the following lists of accounts, choose the list(s) which contain only expense accounts.

 

  1. Which of the following statements is correct regarding expenses?
  2. Which of the following statements is correct definition of equity?
  3. Match the item on the left with the correct definition on the right

Creditors:

Liabilities:

 Assets:

Expenses:

  1. Transferring entries from the journal to the ledger is called (posting/preparing/journalizing).
  2. An income statement reports:
  3. Which of the following statements is (are) true about accounts receivables?
  4. which of the following statements is the best definition of an asset?

.

  1. Which of the following items would be considered “cash” and reflected in a company’s Cash account?
  2. Select the statement below that best defines prepaid accounts.
  3. Notes receivable is considered a(n) (asset/liability).
  4. Match the definition of the left with the term/item on the right.

It is a collection of all accounts with their activity and balances that exist in a business It is a book of original entry that includes a chronological record of all transactions that have occurred within a business during a period occurred.

It is a list of each account and its balance at any given time and is used to verify that debits = credits.

It is a list of all ledger accounts which exist in a business and includes as identification number assigned to each account.

  1. Which of the following statements is (are) correct regarding a journal?

 

 

 

  1. Major Programming receives $5000 cash in advance of providing programming services to a customer. Describe how to record the transaction to the T-account by completing the following sentence. Cash would be (debited/credited) on the (left/right) side of the T-account, and Unearned Programming Revenue would be (debited/credited) on the (left/right) side of the T- account.
  2. Supplies are (assets/expenses/liabilities) until they are used. When they are used up, their costs

are reported as (assets/expenses/liabilities).

  1. Which of the following is a correct statement regarding the posting process?
  2. Which of the following statements is (are) correct regarding the effect of debiting or crediting accounts?
  3. Gunner company made a $50 payment on account for a previous equipment purchase. Show

how this transaction should be entered into T-accounts of Gunner Company. By selecting the correct answer below.

  1. Which of the following accounts has a normal debit balance?
  2. which of the following statements is accurate regarding accounts payable?
  3. Equipment is a(n) (asset/liabilities/expense) account. It is reported on the (left/right) side of the accounting equation and is (increased/decreased) when equipment is purchased.
  4. a business paid $40 in dividends. Show how to record the transaction to the T-account by completing the following sentence. Dividends would be
  5. Which of the following accounts would be considered an asset?
  6. When preparing a trial balance, there are certain steps that need to be followed. Place the following steps in the correct order.
  7. Holt Computer Services purchased $2,000 of new equipment and paid immediately. Illustrate

how to record the transaction into T-accounts of Holt Services by completing the following sentence. The equipment account would be

  1. Gunner corporation received $300 cash from a client that had been billed earlier in the month.

Show how to record this transaction into T-accounts by selecting the correct answer below.

 

  1. Which of the following statements is (are) correct regarding the definition of a liability?
  2. The balance sheet reports:

 

  1. On Jan 2, Calie Taylor invests$40,00 into the business in exchange for common stock, she journalized the transaction as follows but something is wrong with the journal entry. Use your knowledge of what a correct journal entry should look like to identify everything that is wrong. Select of answers which apply.

 

 

  1. Which of the following describes a general ledger?
  2. Enter one word for each black. The expanded accounting equation is:
  3. The stockholder of a business received a $1000 dividend. How would this affect the total equity

of the business?

  1. On Mar 3, Lyons Company paid dividends of $1,000. Use your knowledge of what a correct journal entry should look like to identify what would be included.
  2. After entering a transaction into the accounting equation, an increase in total assets can be

accompanied by a(n)

  1. Which of the following statement is (are) correct regarding a T-account?
  2. The T-account payable had 4 transactions entered into it. It was increased by $300 and by $100

and decreased by $50 and by $150, respective. Its balance at the balance at the end of the period would be a

  1. Recall the required information in a financial statement heading. Rearrange the following line items as they would appear in a heading.
  2. The business earns $700 of consulting revenue. How would these earnings affect the total equity of a business?
  3. A trial balance is a(n)
  4. Which of the following financial statements report(s) the financial position of a business over a period of time?

 

  1. In defining a reporting period, which of the following statement is (are) correct?

 

  1. Name the accounting document or report that is completed just prior to preparing financial

statements and assist in preparing the financial statements.

  1. The statement of retained earnings reports:
  2. Which of the following statements below is true regarding the statement of retained earnings?
  3. Which of the following statements is (are) true regarding the balance sheet?
  4. Describe where dollar signs are appropriate in financial statements.
  5. Which of the following financial statement reports the financial position of a business at a point in time?
  6. To enter transactions on the left side of a T-account means you will
  7. Brown Company paid $40 in cash dividends. Show how to record the transaction to the T- accounts by completing the following sentence. Dividends would be
  8. l. Lyons started a business and invested $4,000 in exchange for common stock. Illustrate how to

record the transaction in the T-accounts by completing the following sentence. The Cash account would be

  1. an account is a record of increase and decreases
  2. Choose the account(s) below, that would have a normal credit balance.
  3. Which of the selections below includes all of the required information to be entered in a journal?
  4. Which of the following accounts has a normal credit balance?

 

  1. a business pays $500 for rent. How would this payment affect the equity of a business?
  2. Stan programming Services provided $8,000 of services and received payment immediately.

Show how to record this transaction to the T-accounts by selecting the correct answer below.

  1. true or false: The cost of land owned by a business is recorded in the Land account and this account is classified as an expense.
  2. Pintel Company paid $2,000 cash for a 12-month insurance policy. Describe how to record the transaction to the T-accounts by completing the following sentence. Cash would be
  3. which of the following statements is (are) correct?

 

  1. On Nov.1, Lyons Company pays $1000 cash for a 12-month insurance policy. Use your knowledge

of what a correct journal entry should look like to identify what would be included in the correct journal entry.

  1. Brown company purchased $900 of supplies on credit, illustrate how to record the transaction to

T-accounts by completing the following sentence. Accounts payable would be On sept 9, Daniels Corporation earns $2,000 by performing consulting services. Their customer

said that she would pay next month. D Use your knowledge of what a correct journal entry should look like to identify everything that is wrong.

 

  1. When entering transactions into accounts, the rules of double-entry accounting must be followed. These rules include:
  2. The Notes payable account is a(n)
  3. Which of the following lists of items contain only example of prepaid (expense) accounts?
  4. the building account is a(n)
  5. On Jan, Callie Company receive a $700 payment from a customer previously billed for services performed. The journal entry to record this transaction would include a
  6. Which of the following are accurate statement regarding how to report or treat prepaid

accounts?

  1. which of the following statements best explains the posting reference in a journal and a ledger?
  2. The rules of double-

 

  1. which of the following statements is (are) correct regarding the notes payable account?

 

  1. which of the following statements is accurate regarding the Building account?
  2. Which of the following are examples of prepaid (expense) accounts?
  3. which of the following statement is correct about prepaid expense?
  4. An annual insurance policy is paid in advance by a company. How will the company treat this initial payment and the subsequent expiration of a portion of the policy over time?
  5. FR definition of a source document in the accounting process?
  6. Analyzing the accounting equation at the end of the month will reveal the following.
  7. True or false: the revenue recognition principle states that revenue should be recorded in the

period in which it is earned which may or may not be the period in which payment was actually received.

  1. which of the following statements is (are) correct regarding the balance column in a ledger (or balance column account)?
  2. Which of the following statements explains the differences between a Balance column account

and a T-account?

  1. The accounting process serves which of the following purposes in a business?
  2. Which of the following statements is (are) correct regarding unearned revenues?
  3. True or false: at the end of the period, the assets will still equal the liabilities plus equity.
  4. Which of the following would be considered a source document in an accounting system?
  5. which of the following statements is correct about prepaid expenses?

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