Could I get help with the following Please ?

The purpose of posting is to __________.

Question options:

list the transactions in chronological order in the journal

provide an explanation of the transaction

update the account balances in the ledger

correct a previous entry

Question 2

0 / 2.5 points

The process that begins with recording business transactions and includes the completion of the financial statements is the __________.

Question options:

calendar year

natural business year

fiscal year

accounting cycle

Question 3

2.5 / 2.5 points

A credit to an asset account was posted to a revenue account. This would cause __________.

Question options:

assets to be understated

liabilities to be understated

capital to be understated

revenue to be overstated

Question 4

2.5 / 2.5 points

A journal entry affecting three or more accounts is called a __________.

Question options:

multi-level entry

multi-step entry

compound entry

simple entry

Question 5

2.5 / 2.5 points

Which of the following entries would record the payment of a utility bill?

Question options:

debit Utilities Expense; credit Cash

debit Cash; credit Utilities Expense

debit Utilities Expense; credit Accounts Payable

debit Accounts Receivable; credit Utilities Expense

Question 6

2.5 / 2.5 points

The entry to record the payment of office salaries would be __________.

Question options:

debit Cash; credit Accounts Receivable

debit Cash; credit Salaries Expense

debit Salaries Expense; credit Accounts Payable

debit Salaries Expense; credit Cash

Question 7

0 / 2.5 points

A credit to an asset account was posted to a liability account. This would cause __________.

Question options:

assets to be understated

liabilities to be overstated

capital to be overstated

revenue to be overstated

Question 8

2.5 / 2.5 points

The journal entry to record a withdrawal by the owner would most commonly include __________.

Question options:

a debit to Wage Expense and a credit to Cash

a debit to Capital and a credit to Cash

a debit to Withdrawals and a credit to Cash

a debit to Cash and a credit to Wage Expense

Question 9

2.5 / 2.5 points

The general journal __________.

Question options:

is the book of original entry

is the book of final entry

contains account balances

is completed after the general ledger

Question 10

2.5 / 2.5 points

The posting reference column in the journal is used for __________.

Question options:

recording the source documents identification number

recording the account number to which the entry was posted

recording the time when the entry was posted

recording the initials of the person who did the posting

Question 11

0 / 2.5 points

A credit to an asset account was posted to an expense account. This would cause __________.

Question options:

assets to be overstated

liabilities to be understated

capital to be understated

expenses to be overstated

Question 12

2.5 / 2.5 points

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 __________.

Question options:

Cash

600

Accounts Receivable

600

Accounts Payable

600

Cash

600

Equipment

1,200

Supplies

1,200

Cash

600

Accounts Payable

600

Equipment

1,200

Accounts Payable

600

Cash

600

Question 13

0 / 2.5 points

Which of the following entries records the acquisition of office supplies for cash?

Question options:

Office Supplies

5,000

Cash

5,000

Office Supplies

5,000

Accounts Payable

5,000

Equipment

5,000

Accounts Payable

5,000

Equipment

5,000

Accounts Receivable

5,000

Question 14

2.5 / 2.5 points

Which of the following entries records the owner taking cash for personal use?

Question options:

debit Wage Expense; credit Cash

debit Capital; credit Cash

No entry is necessary since the owner owns the cash and the entire business.

debit Withdrawals; credit Cash

Question 15

2.5 / 2.5 points

A debit to an expense account was posted to an asset account. This would cause __________.

Question options:

assets to be understated

liabilities to be understated

capital to be understated

expenses to be understated

Question 16

2.5 / 2.5 points

A debit to the capital account was posted to a revenue account. This would cause __________.

Question options:

assets to be understated

liabilities to be overstated

capital to be understated

revenue to be understated

Question 17

0 / 2.5 points

The posting reference column on the general journal __________.

Question options:

shows which transactions have been posted to the ledger

displays to which accounts the transactions have been posted

allows us to cross reference to the general ledger

All of the above answers are correct.

Question 18

0 / 2.5 points

A debit to a revenue account was posted to an expense account. This would cause __________.

Question options:

expenses to be overstated

revenue to be understated

expenses to be understated

capital to be overstated

Question 19

0 / 2.5 points

The twelve-month period a business chooses for its accounting period is a(n. __________.

Question options:

calendar year

accounting period

fiscal year

accounting cycle

Question 20

0 / 2.5 points

The first step of the accounting cycle is __________.

Question options:

recording journal entries

posting to the ledger

preparing a trial balance

analyzing business transactions

Lesson 4

Question 21

2.5 / 2.5 points

The purpose of the trial balance is __________.

Question options:

to list all of the accounts in the chart of accounts

to report all accounts with zero balances

to prove that debits equal credits

to distribute it with the other financial reports

Question 22

2.5 / 2.5 points

Which of the following errors would cause the trial balance to be out of balance?

Question options:

An entry is posted twice.

An entry is not posted at all.

A debit is entered as $200 and the credit is entered at $2,000.

None of the above answers are correct.

Question 23

0 / 2.5 points

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

Cash

$1,100

Accounts Receivable

800

Capital

1,900

Withdrawals

500

Service Fees

1,000

Rent Expense

500

Question options:

$2,900 debit, $2,900 credit

$3,900 debit, $3,900 credit

$2,000 debit, $2,000 credit

$1,200 debit, $1,200 credit

Question 24

0 / 2.5 points

An account that would be increased by a debit is __________.

Question options:

Cash

fees earned

capital

accounts payable

Question 25

0 / 2.5 points

A credit to a liability account was posted to an expense account. This error would cause __________.

Question options:

assets to be overstated

liabilities to be overstated

expenses to be overstated

None of the above answers are correct.

Question 26

0 / 2.5 points

A debit to an asset account was posted to a liability account. This error would cause __________.

Question options:

assets to be understated

liabilities to be overstated

capital to be overstated

None of the above answers are correct.

Question 27

2.5 / 2.5 points

A credit to a liability account was posted to an asset account. This error would cause __________.

Question options:

liabilities to be overstated

liabilities to be understated

revenues to be overstated

revenues to be understated

Question 28

0 / 2.5 points

Which of the following transactions would cause the debit and credit columns in the trial balance to be unequal?

Question options:

debit Cash, $900; credit Revenue, $900

debit Accounts Payable, $350; credit Cash, $350

debit Equipment $1,400; credit Accounts Receivable, $1,400

debit Withdrawals, $500; credit Cash, $500

Question 29

2.5 / 2.5 points

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

Question options:

revenue, liabilities, and capital

assets, capital, and withdrawals

liabilities, expenses, and assets

assets, expenses, and withdrawals

Question 30

0 / 2.5 points

A credit to an asset account was posted to a liability account. This error would cause __________.

Question options:

assets to be understated

liabilities to be overstated

capital to be understated

None of the above answers are correct.

Question 31

2.5 / 2.5 points

A debit to an expense account was posted to a revenue account. This error would cause __________.

Question options:

assets to be overstated

liabilities to be overstated

revenue to be understated

None of the above answers are correct.

Question 32

2.5 / 2.5 points

A debit to a liability account was posted to a revenue account. This error would cause __________.

Question options:

revenues to be understated

liabilities to be understated

capital to be overstated

None of the above answers are correct.

Question 33

2.5 / 2.5 points

A credit to an asset account was posted to the capital account. This error would cause __________.

Question options:

assets to be overstated

liabilities to be overstated

capital to be understated

Both A and C are correct.

Question 34

0 / 2.5 points

A withdrawal by the owner was posted to an expense account. This error would cause __________.

Question options:

assets to be overstated

liabilities to be understated

withdrawals to be overstated

expenses to be overstated

Question 35

0 / 2.5 points

A debit to a liability account was posted to the capital account. This error would cause __________.

Question options:

assets to be overstated

liabilities to be overstated

capital to be overstated

None of the above answers are correct.

Question 36

2.5 / 2.5 points

A compound transaction was recorded as follows: debit Equipment, $5,000; debit Cash, $1500; credit Accounts Payable, $3,500. This error would cause __________.

Question options:

assets to be overstated

assets to be understated

liabilities to be overstated

liabilities to be understated

Question 37

2.5 / 2.5 points

A list of all the accounts from the ledger with their ending balances is called a __________.

Question options:

normal balance

trial balance

chart of accounts

Footing

Question 38

2.5 / 2.5 points

A credit customer paid $850 toward his accounts receivable. The accountant recorded a credit to the revenue account. This error would cause __________.

Question options:

revenue to be understated

cash to be overstated

accounts receivable to be overstated

liabilities to be understated

Question 39

2.5 / 2.5 points

The business incurred an expense and paid it immediately. To record this __________.

Question options:

an expense is debited and a liability is credited

an expense is debited and an asset is credited

an expense is debited and Capital is credited

None of the above answers are correct.

Question 40

2.5 / 2.5 points

A credit to an asset account was posted to a revenue account. This error would cause __________.

Question options:

assets to be overstated

revenue to be overstated

expenses to be overstated

Both A and C are correct.