1. Which of the following list of events properly reflects the early steps taken in the accounting process?

A. Record relevant transactions, Post journal information to ledger accounts Analyze each transaction, Prepare and analyze the trial balance

B. Post journal information to ledger accounts, Analyze each transaction, Post journal information to ledger accounts, Prepare and analyze the trial balance

C. Prepare and analyze the trial balance, Analyze each transaction, Post journal information to ledger accounts, Record relevant transactions

D. Analyze each transaction, Post journal information to ledger accounts, Record relevant transactions, Prepare and analyze the trial balance

E. Analyze each transaction, Record relevant transactions, Post journal information to ledger accounts, Prepare and analyze the trial balance

2. A ledger is:

A. A record containing all accounts (with amounts) for a busines

B. A journal in which transactions are first recorded

C. A collection of documents that describe transactions and events during the accounting process

D. A list of all accounts with their debit balances at a point in time

3. The right side of a T-account is a(n):

A. Debit

B. Increase

C. Credit

D. Decrease

E. Account balance

4. Wisconsin Rentals purchased office supplies on credit. The general journal entry made by Wisconsin Rentals will include a:

A. Debit to Accounts Payable

B. Debit to Accounts Receivable

C. Credit to Cash

D. Credit to Accounts Payable

5. A general journal is:

A. A ledger in which amounts are posted from a balance column account

B. Not required if T-accounts are used

C. A complete record of each transaction in the place from which transaction amounts are posted to the ledger accounts

D. Not necessary in electronic accounting systems

6. A trial balance taken at year-end showed total credits exceeding total debits by $4,950. This discrepancy could have been caused by:

A. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash

B. A net income of $4,950

C. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950

D. The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550

E. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable

7. Which of the following accounts is a balance sheet account?

A. Wages Payable

B. Operating Activities

C. Revenues

D. Dividends

E. Expenses

8. Which of the following is the appropriate journal entry if a company performs a service and then bills the customer?

A. Debit to Cash, Debit to Revenue

B. Debit to Cash, Credit to Revenue

C. Debit to Accounts Receivable, Credit to Cash

D. Debit to Revenue, Credit to Accounts Receivable

E. Debit to Accounts Receivable, Credit to Revenue

9. Which of the following is the appropriate journal entry if a company performs a service and is paid immediately?

A. Debit to Cash, Debit to Revenue

B. Debit to Cash, Credit to Revenue

C. Debit to Accounts Receivable, Credit to Cash

D. Debit to Revenue, Credit to Accounts Receivable

E. Debit to Accounts Receivable, Credit to Revenue

10. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000?

A. Debit to Cash, Debit to Equipment, Credit to Accounts Payable

B. No entry should be made

C. Debit to Equipment, Credit to Notes Payable, Credit to Cash

D. Debit to Cash, Debit to Notes Payable, Credit to Equipment

E. Debit to Equipment, Debit to Notes Payable, Credit to Cash