4. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? A. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit. B. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount, instead of a debit. C. A liability with a balance of $63 was mistakenly entered in the ledger as a debit for that amount, instead of a credit. D. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit. Utilize the information for Drive-In Parking System to answer this question from the following PDF: https://lessons.pennfoster.com/pdf/061003_Exam_Tables.pdf 6. The balance in the cash account as of March 31 was A. $3,970. B. $4,195. C. $4,270. D. $3,375. Mark for review (Will be highlighted on the review page) 7. The order in which accounting procedures are performed is A. 1) posting to the ledger, 2) recording in the journal, 3) preparing a trial balance. B. 1) recording in the journal, 2) posting to the ledger, 3) preparing a trial balance. C. 1) recording in the journal, 2) preparing a trial balance, 3) posting to the ledger. D. 1) posting to the ledger, 2) preparing a trial balance, 3) recording Utilize the information for Drive-In Parking System to answer this question from the following PDF: hitips:/liessons.pennfoster.com/pdt/061003 Exam_Tables.pdf 8. To which one of the following accounts was the credit entry posted on March 1 to record Mr. James's $25,000 contribution to the Drive-In Parking System? A. Cash B. Land C. William James, Capilal D. Accounts Payable Mark for review (Will be highlighted on the roviow page) Select the best answer for the question. 9. Which one of the following statements is true of a transaction in a T-account? A. A debit entry represents a decrease to a revenue account. B. A credit entry represents an increase to an asset account. C. A credit entry represents an increase to an expense account. D. A debit entry represents an increase to a liability account. Utilize the information for Drive-In Parking System to answer this question from the following PDF: https://lessons.pennfoster.com/pdf/061003 Exam Tables.pdf 10. Total assets for the Drive-In Parking System shown on the balance sheet as of March 31 were A. $25,740 B. $10,055. C. $31,600. D. $35,795. 11. The process of entering journal page numbers of transactions in the ledger and then entering the account numbers in the journal is referred to as A. joumalizing. B. balancing. C. cross-adding. D. cross-referencing. Utilize the information for Drive-In Parking System to answer this question from the following PDF: https://lessons.pennfoster.com/pdf/061003_Exam_Tables.pdf 12. The debit total of the trial balance prepared as of March 31 for the Drive-In Parking System was A. $34,025. B. $37,565. C. $36,825. D. $35,925. Mark for review (Will be highlighted on the review page) 13. On May 2, Mr. Blasi purchased land for $14,500 and a theater building for $30,500, paying cash in the amount of $25,000 and signing a note payable for the balance of $20,000. What two accounts were debited when this transaction was recorded? A. Land and Buildings B. Cash and Notes Payable C. Mortgage Payable and Accounts Payable D. Frank Blasi, Capital, and Frank Blasi, Drawing Utilize the information for Drive-In Parking System to answer this question from the following PDF: hitps://lessons.pennfoster.com/pdf/061003_Exam_ Tables.pdf 14. In recording the cash collected on March 5 , which one of the following accounts would be credited? A. Parking Fees B. Notes Receivable C. Accounts Payable D. Cash 15. One of the primary purposes of preparing a trial balance is to A. prepare the accounts for posting to the ledger. B. determine that the total dollar amount of the debits equals the total dollar amount of the credits. C. rearrange the accounts in alphabetical order. D. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances. Mark for review (Will be highlighted on the review page) Utilize the information for Drive-In Parking System to answer this question from the following PDF: hitps:llessons.penniostercomipetiog ios.3 Eram Tab es pef 16. To record the amount due for the electricity used during the month of March, a credit entry wras made on liarch 31 to A. Lighting Expense. E. Cash. C. Notes Payable. D. Accounts Payable. Select the best answer for the question. 17. The left side of any account is always the debit side. The debit side is used to record A. increases in assets and decreases in liabilities. B. decreases in assets and increases in liabilities. C. increases in liabilities and owner's equity. D. decreases in assets and liabilities. 18. On May 11, Mr. Blasi arranged with XYZ Studios for a two-week showing of their most recent production, at a total rental of $1,500. A cash payment of $750 was made, the balance to be paid after the run was over. What two accounts were credited when this transaction was recorded? A. Notes Payable and Cash B. Film Rental Expense and Cash C. Accounts Payable and Cash D. Frank Blasi, Drawing, and Cash 19. To determine the effects of an entire accounting transaction, you would consult the accounting record called the A. T-account. B. journal. C. register. D. ledger. Select the best answer for the question. The accounting records of the John Day Company contained the following ledger balances as of May 31 , 20XX. 20. In preparing a trial balance, how many of the above accounts will you list in the debit column and how many in the credit column? A. 2 debit accounts and 5 credit accounts B. 5 debit accounts and 2 credit accounts C. 3 debit accounts and 4 credit accounts D. 4 debit accounts and 3 credit accounts