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Exam 2: Analyzing Transactions

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Question 91

Multiple Choice

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Which of the following entries records the withdrawal of cash by Sue Martin, owner of a proprietorship, for personal use?

A) debit Sue Martin, Capital; credit Cash
B) debit Sue Martin, Drawing; credit Cash
C) debit Salaries Expense; credit Cash
D) debit Salaries Expense; credit Salaries Payable

E) None of the above
F) C) and D)

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Question 92

Multiple Choice

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Which of the following groups of accounts have a normal debit balance?

A) revenues, liabilities, and capital
B) capital and assets
C) liabilities and expenses
D) assets and expenses

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

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Question 93

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The normal balance of revenue accounts is a credit.

The following errors took place in journalizing and posting transactions: Journalize the entries to correct the errors. Omit the explanations.

Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction.

The normal balance of a capital account is a debit.

A trial balance is prepared to

The chart of account for the Corning Company includes some of the following accounts: On the journal page 3, the following transaction was found: What is the post reference that will be found on the cash account?

When a transposition error is made on the trial balance, the difference between the debit and credit totals on the trial balance will be

State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate the normal balance of each account.

Expenses use up assets or consume services in the process of generating revenues.

The cash account will always be debited.

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

Which of the following entries records the payment of an account payable?

Which of the following is not considered to be a liability?

Which of the following types of accounts have a normal credit balance?

Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.

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

Accounts are records of increases and decreases in individual financial statement items.

Which of the following is true about a T-Account?