Finance qs | Business & Finance homework help

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?Cash$1000Equipment500Accounts Payable350Capital900Service Fees1000Salaries Expense750A. $3,250 debit, $3,250 creditB. $1,125 debit, $1,125 creditC. $4,500 debit, $4,500 creditD. $2,250 debit, $2,250 creditReset SelectionMark for Review What’s This?A debit to an expense account was posted to a revenue account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. revenue to be understatedD. None of the above answers are correct.Reset SelectionMark for Review What’s This?An account that would be increased by a debit is __________.A. cashB. fees earnedC. capitalD. accounts payableReset SelectionMark for Review What’s This?A debit to an asset account was posted to an expense account. This error would cause __________.A. liabilities to be overstatedB. expenses to be overstatedC. assets to be understatedD. Both B and C are correct.Reset SelectionMark for Review What’s This?Which of the following is prepared first?A. Balance sheetB. Income statementC. Statement of owner’s equityD. Trial balanceReset SelectionMark for Review What’s This?A credit to an asset account was posted to the capital account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. capital to be understatedD. Both A and C are correct.Reset SelectionMark for Review What’s This?The purpose of the trial balance is __________.A. to list all of the accounts in the chart of accountsB. to report all accounts with zero balancesC. to prove that debits equal creditsD. to distribute it with the other financial reportsReset SelectionMark for Review What’s This?A credit customer paid $850 toward his accounts receivable. The accountant recorded a credit to the revenue account. This error would cause __________.A. revenue to be understatedB. cash to be overstatedC. accounts receivable to be overstatedD. liabilities to be understatedReset SelectionMark for Review What’s This?A debit to a liability account was posted to a revenue account. This error would cause __________.A. revenues to be understatedB. liabilities to be understatedC. capital to be overstatedD. None of the above answers are correct.Reset SelectionMark for Review What’s This?The chart of accounts __________.A. is a numbered list of all of the business’ accountsB. allows accounts to be located quicklyC. can be expanded as the business growsD. All of the above answers are correct.Reset SelectionMark for Review What’s This?A debit to an asset account was posted to a liability account. This error would cause __________.A. assets to be understatedB. liabilities to be overstatedC. capital to be overstatedD. None of the above answers are correct.Reset SelectionMark for Review What’s This?A compound transaction was recorded as follows: debit Equipment, $5,000; debit Cash, $1500; credit Accounts Payable, $3,500. This error would cause __________.A. assets to be overstatedB. assets to be understatedC. liabilities to be overstatedD. liabilities to be understatedReset SelectionMark for Review What’s This?Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?Cash$1,100Accounts Receivable800Capital1,900Withdrawals500Service Fees1,000Rent Expense500A. $2,900 debit, $2,900 creditB. $3,900 debit, $3,900 creditC. $2,000 debit, $2,000 creditD. $1,200 debit, $1,200 creditReset SelectionMark for Review What’s This?Which of the following groups of accounts have a normal credit balance?A. revenue, liabilities, and capitalB. assets, capital, and withdrawalsC. liabilities, expenses, and assetsD. assets, expenses, and withdrawalsReset SelectionMark for Review What’s This?Which of the following transactions would cause the debit and credit columns in the trial balance to be unequal?A. debit Cash, $900; credit Revenue, $900B. debit Accounts Payable, $350; credit Cash, $350C. debit Equipment $1,400; credit Accounts Receivable, $1,400D. debit Withdrawals, $500; credit Cash, $500Reset SelectionMark for Review What’s This?Which of the following is not a financial statement?A. Balance sheetB. Income statementC. Statement of owner’s equityD. Trial balanceReset SelectionMark for Review What’s This?A credit to an asset account was posted to a liability account. This error would cause __________.A. assets to be understatedB. liabilities to be overstatedC. capital to be understatedD. None ofA list of all the accounts from the ledger with their ending balances is called a __________.A. normal balanceB. trial balanceC. chart of accountsD. footingReset SelectionMark for Review What’s This?A credit to a liability account was posted to an asset account. This error would cause __________.A. liabilities to be overstatedB. liabilities to be understatedC. revenues to be overstatedD. revenues to be understatedReset SelectionMark for Review What’s This?The business incurred an expense and paid it immediately. To record this __________.A. an expense is debited and a liability is creditedB. an expense is debited and an asset is creditedC. an expense is debited and Capital is creditedD. None of the above answers are correct.Reset SelectionMark for Review What’s This?The entry to record the payment of office salaries would be __________.A. debit Cash; credit Accounts ReceivableB. debit Cash; credit Salaries ExpenseC. debit Salaries Expense; credit Accounts PayableD. debit Salaries Expense; credit CashReset SelectionMark for Review What’s This?Business transactions are first recorded in the __________.A. ledgerB. journalC. trial balanceD. balance sheetReset SelectionMark for Review What’s This?A credit to a liability account was posted to an owner’s equity account. This would cause __________.A. assets to be overstatedB. liabilities to be understatedC. owner’s equity to be understatedD. net income to be overstatedReset SelectionMark for Review What’s This?A journal entry affecting three or more accounts is called a __________.A. multi-level entryB. multi-step entryC. compound entryD. simple entryReset SelectionMark for Review What’s This?A debit to the capital account was posted to an expense account. This would cause __________.A. assets to be overstatedB. liabilities to be understatedC. capital to be overstatedD. expense to be understatedReset SelectionMark for Review What’s This?Posting is performed by transferring information from the journal to the __________.A. ledgerB. trial balanceC. balance sheetD. income statementReset SelectionMark for Review What’s This?”PR” in the general journal and general ledger stands for __________.A. per reviewerB. posting referenceC. prior receiptD. None of the above answers are correct.Reset SelectionMark for Review What’s This?The process that begins with recording business transactions and includes the completion of the financial statements is the __________.A. calendar yearB. natural business yearC. fiscal yearD. accounting cycleReset SelectionMark for Review What’s This?A debit to an expense account was posted to an asset account. This would cause __________.A. assets to be understatedB. liabilities to be understatedC. capital to be understatedD. expenses to be understatedReset SelectionMark for Review What’s This?A debit to a liability account was posted to an expense account. This would cause __________.A. assets to be overstatedB. liabilities to be understatedC. owner’s equity to be overstatedD. expenses to be overstatedReset SelectionMark for Review What’s This?A debit to a revenue account was posted to an expense account. This would cause __________.A. expenses to be overstatedB. revenue to be understatedC. expenses to be understatedD. capital to be overstatedReset SelectionMark for Review What’s This?The journal entry to record a withdrawal by the owner would most commonly include __________.A. a debit to Wage Expense and a credit to CashB. a debit to Capital and a credit to CashC. a debit to Withdrawals and a credit to CashD. a debit to Cash and a credit to Wage ExpenseReset SelectionMark for Review What’s This?The posting reference column on the general journal __________.A. shows which transactions have been posted to the ledgerB. displays to which accounts the transactions have been postedC. allows us to cross reference to the general ledgerD. All of the above answers are correct.Reset SelectionMark for Review What’s This?Renzi’s Volleyball Gym purchased equipment for $1,200. It made a down payment of $600 with the remainder on account. The journal entry to record this transaction is __________.A.Cash 600Accounts Receivable600B.Accounts Payable 600Cash 600Equipment1,200C.Supplies 1,200Cash600Accounts Payable600D.Equipment 1,200Accounts Payable600Cash600Reset SelectionMark for Review What’s This?Revenue is traditionally recognized in the accounting records when __________.A. cash is receivedB. services are renderedC. it is incurredD. None of the above answers areDuring the month of January, Katelyn invested $11,000 in starting her legal practice. The proper journal entry would be __________.A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000B. Accounts Payable, debit $11,000; Cash, credit $11,000C. Cash, debit $11,000; Revenue, credit $11,000D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000Reset SelectionMark for Review What’s This?A debit to the capital account was posted to a revenue account. This would cause __________.A. assets to be understatedB. liabilities to be overstatedC. capital to be understatedD. revenue to be understatedReset SelectionMark for Review What’s This?The first step of the accounting cycle is __________.A. recording journal entriesB. posting to the ledgerC. preparing a trial balanceD. analyzing business transactionsReset SelectionMark for Review What’s This?A credit to an asset account was posted to a revenue account. This would cause __________.A. assets to be understatedB. liabilities to be understatedC. capital to be understatedD. revenue to be overstatedReset SelectionMark for Review What’s This?A debit to a liability account was posted to a revenue account. This would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. capital to be overstatedD. revenue to be overstatedReset SelectionMark for Review What’s This?This question is from the 1st set. I cant see the correct answer on it.Which of the following is not a financial statement?A. Balance sheetB. Income statementC. Statement of owner’s equityD. Trial balance Reset SelectionMark for Review What’s This?

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