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5. The journal entry to record the payment of a monthly utility

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5. The journal entry to record the payment of a monthly utility bill would include a debit to_ & a credit to _.
Utilities Expense; Capital
Capital; Cash
Utilities Expense; Cash
Utilities Expense; Accounts Payable
6. The journal entry to record the performance of services for cash would include a debit to __ and a credit to __.
Cash; Fees Income
Fees Income; Cash
Cash; Accounts Receivable
Accounts Receivable; Cash
7. The journal entry to record the receipt of cash from credit clients on account would include a debit to ___ and a credit to _____.
Cash; Fees Income
Fees Income; Cash
Cash; Accounts Receivable
Accounts Receivable; Cash
8. The journal entry to record the withdrawal of cash by Sue Snow, the owner, to pay a personal utility bill would include a debit to __ and a credit to ___.
Sue Snow, Capital; Cash
Utilities Expense; Cash
Sue Snow, Drawing; Cash
Sue Snow, Drawing; Utilities Expense
9. The journal entry to record a payment made in January for rent for the months of February and March would include a debit to __ and a credit to __.
Sue Snow, Capital; Cash
Rent Expense; Cash
Prepaid Rent; Cash
Sue Snow, Drawing; Rent Expense
10. The journal entry to record the payment of salaries should include a debit to ___ and a credit to__.
Salaries Expense; Cash
Capital; Cash
Cash; Salaries Expense
Salaries Expense; Accounts Payable
11. Which of the following statements is correct?
All transactions require compound entries.
Compound entries include only debits.
Accounts being debited should always follow the accounts being credited in a compound entry.
Compound entries are recorded in the general journal.
12. The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include a debit to __ and a credit to __.
Equipment for $100; Cash for $100
Equipment for $500; Cash for $100, and to Accounts Payable for $400
Equipment for $100; Accounts Payable for $400
Equipment for $500; Cash for $500
14. The Accounts Payable account has a $3,000 credit balance. An entry for the payment of $1,000 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is a:
$2,000 credit balance.
$4,000 credit balance.
$2,000 debit balance.
$4,000 debit balance.
15. The Cash account has a $15,000 debit balance. A $5,000 credit entry & a $7,000 debit entry are posted to the account. The final balance of the Cash account is a ___ debit balance.
$3,000
$27,000
$13,000
$17,000
16. The account numbers are recorded in the Posting Reference column of the general journal:
as the transaction is journalized.
after each amount is posted.
after all entries on the journal page have been posted.
as the first amount written in the journal.
17. The Posting Reference column of a journal is used to record the:
date on which an amount is posted to a ledger account.
number of the ledger account to which the information is posted.
number of amounts posted to that ledger account since the beginning of the current accounting period.
page number of the ledger account.
18. Which of the following statements is correct?
The general ledger contains the accounts that are used to prepare the financial statements.
Some companies use the general ledger instead of a general journal.
When entries are posted from the general journal to the general ledger, the account number is XXXXX in the Posting Reference column in the general ledger.
When entries are posted from the general journal to the general ledger, the page number is XXXXX in the Posting Reference column in the general journal.
19. If a journal entry that contains an error has already been posted:
the incorrect items should be erased and replaced with the correct data.
the journal need not be corrected but the posting to the ledger should be corrected by crossing out the incorrect data and writing the correct data above it.
a correcting entry should be journalized & posted.
the incorrect items should be corrected by crossing out the incorrect data and writing the correct data above it in both the journal and the ledger
20. A firm purchased telephone equipment for cash. By mistake, the person who recorded the transaction debited Utilities Expense instead of Office Equipment. The error was discovered after the data posted. The correcting entry should contain a debit to __ and a credit to __.
Office Equipment; Cash
Office Equipment;Utilities Expense
Cash; Office Equipment
utilities expenses ; cash
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