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Exam 2: Analyzing Transactions

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Question 81

True/False

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Liabilities are debts owed by the business entity.

A) True
B) False

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Question 82

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The gross increases in owner's equity attributable to business activities are called

A) assets
B) liabilities
C) revenues
D) expenses

E) A) and C)
F) All of the above

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Question 83

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McNally Industries has a condensed income statement as shown.​ Using horizontal analysis,calculate the amount and percent change for sales.Round to one decimal place.

If the two totals of a trial balance are not equal,it could be due to

Selected accounts from the ledger of Garrison Company appear below.For each account,indicate the following:

On September 1,Erika Company purchased land for $47,500 cash.Provide the journal entry for this transaction.

For each of the following errors,considered individually,indicate whether the error would cause the trial balance totals to be unequal.If the error would cause the trial balance totals to be unequal,indicate whether the debit or credit total is higher and by how much.​ a.Payment of a cash withdrawal of $6,800 was journalized and posted as a debit of $8,600 to Salaries Expense and a credit of $8,600 to Cash. b.A fee of $9,780 earned was debited to Accounts Receivable for $7,980 and credited to Fees Earned for $9,780. c.A payment of $3,000 to a creditor was posted as a credit of $3,000 to Accounts Payable and a credit of $3,000 to Cash.

Expenses follow the same debit and credit rules as

Which side of the account increases the cash account?

The recording of cash receipts to the cash account will be done by debiting the account.

The unearned revenue account is an example of a liability.

The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented.Assume that the dollar amounts and the descriptions of the entries are correct.​​ ​ ​ ​ RequiredIf you assume that all journal entries have been recorded correctly,use the above information to: (1)Identify the postings to the general ledger that were made incorrectly. (2)Describe how the each incorrect posting should have been made.

Journalize the five transactions for Mirmax Rentals described below.

Which of the following accounts are debited to record increases?

In accordance with the debit and credit rules,which of the following is true?

In which of the following types of accounts are increases recorded by credits?

In which of the following types of accounts are decreases recorded by debits?

Nebraska Technologies has a condensed income statement as shown below.​ RequiredPrepare a horizontal analysis of Nebraska Technologies' income statements.Comment on the trends,both favorable and unfavorable.

Expense accounts are increased by credits.

Which of the following is true about T accounts?