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Exam 3: Analyzing Business Transactions Using T Accounts

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Question 21

Multiple Choice

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Which of the following is not one of the formal financial statements that is made available to all users of the financial statements.

A) Trial Balance
B) Income Statement
C) Statement of Owner's Equity
D) Balance Sheet

E) A) and B)
F) A) and C)

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Question 22

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The normal balance side of a liability account is the debit side.

A) True
B) False

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Question 23

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When equipment is purchased for cash,the accountant enters an amount on the left side of the ____________________ account.

Read each of the following transactions.Determine the accounts to be debited and credited. Cash Accounts Receivable Office Equipment Office Supplies Accounts Payable Brandon Phipps,Capital Brandon Phipps,Drawing Fees Income Rent Expense Salaries Expense Utilities Expense Issued checks to pay salaries

A special type of owner's equity account set up to record withdrawals of assets by the owner for personal use is called a(n)____________________ account.

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below. The following transactions occurred during the month of November. a.Collected $350 from credit customers b.Issued a check for $700 for rent c.Paid $1,900 for salaries d.The owner withdrew $500 in cash for personal expenses e.Issued a check for $200 to pay the monthly utility bill f.Received $2,845 in cash for services performed g.Purchased office equipment for $1,350 on credit Using the information shown,prepare a trial balance for Paw Prints Pet Sitters at November 30,2016.

A business earns $4,000 from various charge account clients.To record this transaction,the business would:

If the total of the amounts on the debit side of an account is greater than the total on the credit side,the balance is recorded on the debit side.

Required: Using the chart of accounts for Smart Consulting Services below,enter the account no.of the account being debited for each of the listed transactions.

Financial statements are prepared after the trial balance is prepared.

After transactions for the period have been recorded,a trial balance is prepared to verify the equality of total debits and credits.

Credits increase Liabilities,Owner's Equity,and Revenue.

Read each of the following transactions.Determine the accounts to be debited and credited. Cash Accounts Receivable Office Equipment Office Supplies Accounts Payable Brandon Phipps,Capital Brandon Phipps,Drawing Fees Income Rent Expense Salaries Expense Utilities Expense Purchased office equipment on credit

The total of the figures on the left side of a Cash account is $25,800.The total of the figures on the right side is $14,100.The balance of this account

Increases in assets and expenses are both recorded with debits.

A statement prepared to test the accuracy of total debits and credits after transactions have been recorded is called a(n)___________________.

The classification and normal balance of the accounts receivable account is:

Another name for temporary accounts is real accounts.

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Received $1,200 in cash for copy services

If assets are numbered from 100-199,which of the following accounts would not be given a number in the 100 series?