CSO 1.2, 1.3, 1.4

70 6. Which of the following is true about T accounts? 71 72 A. The left side of a Taccount is called the credit side. 73 B. Transactions are first recorded in T accounts and then posted to the journal. 74 C. The right side of a T account is called the debit side 75 D. The left side of a T account is called the debit side. 76 77 78 7. The balance of an account is determined by 79 80 A. always subtracting the debits from the credits 3. 81 adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum 82 C. always subtracting the credits from the debits 83 D. adding all of the debits to all of the credits 84 85 86 8 The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. 87 88 Accounts payable 1,500 Fees earned 3,600 89 Accounts receivable 1,800 Insurance expense 1,300 90 Prepaid insurance 2,000 Land 3,000 91 Cash 3,200 Wages expense 1,400 92 Drawing 1,200 Capital 8,800 93 94 Total assets are 95 96 8,000 97 9,800 98 9,700 99 10,000 100 108 109 9 . Which of the following entries records the payment of an account payable? 110 111 A debit Accounts Receivable; credit Cash 112 B. debit Accounts Payable; credit Cash 113 C. debit Cash; credit Supplies Expense 114 D. debit Cash; credit Accounts Payable 115 116 117 10. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances 118 119 Accounts Payable 120 0 1,500 Fees Earned 3,600 Accounts Receivable 1,800 Insurance Expense 121 1,300 Prepaid Insurance 2,000 Land 122 3,000 Cash 123 3,200 Wages Expense 1,400 Drawing 1,200 Capital 124 8,800 125 Prepare a trial balance. The total of the debits is 126 127 A 11,20 128 B . 9,70 129 C. 12,700 130 D. 13,900 131 149