Question 11pts

Credits

decrease both assets and liabilities.

decrease assets and increase liabilities.

increase both assets and liabilities.

increase assets and decrease liabilities.

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Question 21pts

The normal balance of an account is the

left side.

right side.

side which increases that account.

side that decreases that account.

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Question 31pts

The double-entry system requires that each transaction must be recorded

in at least two different accounts.

in two sets of books.

in a journal and a ledger.

first as a revenue and then as an expense.

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Question 41pts

Wilbur Wildcat Company purchased supplies for $1,000.They paid $500 in cash and agreed to pay the balance in 30 days.The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $500.Which of the following would be the correct way to complete the recording of the transaction?

credit an asset account for $500.

credit another liability account for $500.

credit the Wildcat, Capital account for $500.

Debit the Wildcat, Capital account for $500.

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Question 51pts

On June 1, 2012, Sparky Inc. reported a cash balance of $15,000.During June, Sparky made deposits of $3,000 and made disbursements totaling $14,000.What is the cash balance at the end of June?

$15,000 debit

$18,000 debit

$4,000 debit

$32,000 debit

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Question 61pts

On August 4, 2012 Artie Enterprises performed cash services of $2,300.The entry to record this transaction would include a

debit to service revenue of $2300

debit to cash of $2300

credit to accounts receivable of $2300

debit to accounts receivable of $2300.

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Question 71pts

Which account below isnota subdivision of owner's equity?

drawing

revenues

expenses

liabilities

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Question 81pts

Which of the following is the correct sequence of steps in the recording process?

posting, journalizing, analyzing

analyzing, journalizing, posting

analyzing, posting, journalizing

journalizing, posting, analyzine

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Question 91pts

Wilma Kitty withdraws $500 cash from her business for personal use.The entry for this transaction will include a debit of $500 to

Wilma Kitty, drawing

Wilma Kitty, capital

owner's salary expense

salaries expense

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Question 101pts

A credit isthe normal balance for which account listed below?

cash

accounts receivable

rent expense

unearned revenue