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Question: The name given to entering transaction data in the

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Question: The name given to entering transaction data in the journal is


A. Chronicling
B.Listing
C.Posting
D. Journalizing

Question: At January 31, 2010, the balance in Bota Inc.’s supplies account was $250. During February, Bota purchased supplies of $300 and used supplies of $400. At the end of February, the balance in the supplies account should be


A. 250 debit
B. $350 credit
C. $950 debit
D. $150 debit

Question: An awareness of the normal balances of accounts would help you spot which of the following as an error in recording?


A. A debit balance in the drawing account
B. A credit balance in an expense account
C. A credit balance in a liabilities account
D. A credit balance in a revenue account

Question: At December 1, 2010, Gibson Company’s accounts receivable balance was $1,200. During December, Gibson had credit revenues of $5,000 and collected accounts receivable of $4,000. At December 31, 2010, the accounts receivable balance is


A. $1,200 debit
B. $2,200 debit
C. $6,200 debit
D. $2,200 credit



Question: Which of the following statements is not true?


A. Expenses increase owner's equity
B. Expenses have normal debit balances
C. Expenses decrease owner's equity
D. Expenses are a negative factor in the computation of net income

Question: During February 2010, its first month of operations, the owner of Alona Enterprises invested cash of $25,000. Alona had cash revenues of $4,000 and paid expenses of $7,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28?


A. $3,000 credit
B. $22,000 debit
C. $29,000 debit
D. $18,000 credit

Question: On July 7, 2010, Anaya Enterprises performed cash services of $1,400. The entry to record this transaction would include


A. A debit to Service Revenue of $1,400
B. A credit to Accounts Receivable of $1,400
C. A debit to Cash of $1,400
D. A credit to Accounts Payable of $1,400

Question: The final step in the recording process is to transfer the journal information to the


A. Trial balance
B. Financial statements
C. Ledger
D. File cabinets

Question: A journal provides


A. The balances for each account
B. Information about a transaction in several different places
C. A list of all accounts used in the business
D. A chronological record of transactions
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Customer: replied 4 years ago.
Question: Which of the following journal entries is recorded correctly and in the standard format?

A.
B.
C.
D.
Question: Rusthe Company showed the following balances at the end of its first year
Cash $ 7,000
Prepaid insurance 700
Accounts receivable 3,500
Accounts payable 2,800
Notes payable 4,200
Denton, Capital 1,400
Denton, Drawing 700
Revenues 21,000
Expenses 17,500


What did Rusthe Company show as total credits on its trial balance?

A.$30,100
B.$29,400
C.$28,700
D.$30,800
Question: Ayala Company showed the following balances at the end of its first year

Cash $ 5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Cerner, Capital 1,000
Cerner, Drawing 500
Revenues15,000
Expenses 12,500


What did Ayala Company show as total credits on its trial balance?

A.$21,500
B.$21,000
C.$20,500
D.$22,000
Question: On August 13, 2010, Merrill Enterprises purchased office equipment for $1,000 and office supplies of $200 on account. Which of the following journal entries is recorded correctly and in the standard format?

A.
B.
C.
D.
I had to send these on this thread cause they are involved and would be scrambled if I sent them on a new thread. I will open a new thread for the rest.

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