A. A + E
B. A = OE - L
C. Assets = Liabilities + Owner’s Equity
D. Assets + Liabilities = Owner’s Equity
A. on each journal page.
B. for each entry on each journal page.
C. only at the top of page one of the journal page.
D. at the bottom of each journal page.
D. long-term liabilities.
A. $500 salary payment posted as a $500 debit to cash and a $500 credit to salaries expense.
B. $200 check from a customer in payment of his/her account posted as $200 debit to cash and a $200 credit to accounts receivable.
C. $75 cash from a customer in payment of his/her account posted as a $75 debit to cash and a $57 credit to cash.
D. $50 cash purchase of office supplies posted as a $50 debit to office equipment and a $50 credit to cash
A. Debit salary expense and credit cash
B. Debit cash and credit Partner A, withdrawal
C. Debit Partner A, withdrawal and credit cash
D. Debit capital and credit cash
A. debiting bad debts expense and crediting accounts receivable/customer in the general journal.
B. posting to the bad debts expense and accounts receivable accounts.
C. posting to the customer’s account showing it to be uncollectible.
D. All of the above
A. debit the account and credit the related expense account.
B. debit the depreciation account and credit the accumulated depreciation account.
C. debit the accumulated depreciation account and credit the depreciation expense account.
D. debit the depreciation account and credit the owner’s equity account.
A. Federal income tax
B. FICA tax
C. State income tax
D. State unemployment tax
B. Supplies expense
C. Fees owed
D. All of the above
A. beginning of the fiscal period
B. end of the fiscal period.
C. during the fiscal period.
D. midpoint of the fiscal period.
A. Debit sales discounts for $250, credit accounts receivable/customer.
B. Credit sales returns and allowances for $150, debit accounts receivable/customer.
C. Debit sales returns and allowances for $150, credit accounts receivable/customer
D. Debit sales discounts for $150, credit accounts receivable/customer
Sole proprietorship, balance sheet
Partnership, income statement
Corporation, balance sheet
Corporation, income statement
Asset accounts only on a specific date
Preliminary balances of all the asset and liability accounts on a specific date.
Final balances of all accounts on a specific date.
Final balances in all asset, liability, and owner’s equity accounts
$1,800; insurance expense and prepaid insurance
$1,200; insuracne expense and prepaid insurance
$600; insurance expense and prepaid insurance
$600; prepaid insurance and insurance expense
Add ending inventory to the beginning inventory and deduct gross purchases.
Determine transportation costs, purchase discounts, and purchase returns and allowances; add the next amount to beginning inventory; deduct the ending inventory from the total.
Add only purchases to beginning inventory and deduct ending inventory
Complete the steps in item C, but consider only the amount of Transportation In plus purchases to determine the net amount.
All of the above
A and B
An accounting system in which each transaction affects and is recorded in two or more accounts with unequal debits and equal credits.
An accounting system in which each transaction affects and is recorded in two or more accounts with total debits equal to total credits.
An accounting system in which the sum of the debit account balances never equal the sum of the credit account balances.
an accounting system in which errors never occur
Over a specific period of time
For 12 months
On a specific date.
All of the above
Note payable due in 15 months
Merchandise a business has on hand at the beginning of the fiscal period.
Merchandise a business sells during the fiscal period
Merchandise a business has on hand at the end of the fiscal period.
Merchandise a business purchases during the fiscal period.
Gross profit on sales
Net income on sales.
Difference between gross income and operating expense.
Statement of owner’s equity