Question 1

2pts

The journal entry to record the payment of salaries should include

Group of answer choices

a debit to Salaries Expense and a credit to Cash.

a debit to Capital and a credit to Cash.

a debit to Cash and a credit to Salaries Expense.

a debit to Salaries Expense and a credit to Accounts Payable.

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Question 2

2pts

To record the purchase of equipment for $10,000 by issuing a check for $4,000 and the rest payable in 90 days would include a debit to equipment and credit(s) to:

Group of answer choices

Cash and Accounts Receivable

Cash and Fees Income

Cash

Cash and Accounts Payable

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Question 3

2pts

The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include

Group of answer choices

a debit to Equipment for $100 and a credit to Cash for $100.

a debit to Equipment for $500, a credit to Cash for $100, and a credit to Accounts Payable for $400.

a debit to Equipment for $100 and a credit to Accounts Payable for $400.

debit to Equipment for $500 and a credit to Cash for $500.

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Question 4

2pts

The journal entry to record the performance of services for cash would include

Group of answer choices

a debit to Cash and a credit to Fees Income.

a debit to Fees Income and a credit to Cash.

a debit to Cash and a credit to Accounts Receivable.

a debit to Accounts Receivable and a credit to Cash.

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Question 5

2pts

When an entry is made in the general journal,

Group of answer choices

the accounts to be credited should be indented.

the first account entered should be indented.

liability, capital, and revenue accounts should be indented.

asset accounts should be indented.

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Question 6

2pts

The journal entry to record a payment made in January for rent for the months of February and March would include

Group of answer choices

a debit to Sue Snow, Capital, and a credit to Cash.

a debit to Rent Expense and a credit to Cash.

a debit to Prepaid Rent and a credit to Cash.

a debit to Sue Snow, Drawing and a credit to Rent Expense.

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Question 7

2pts

The journal entry to record the receipt of cash from credit clients on account would include

Group of answer choices

a debit to Cash and a credit to Fees Income.

a debit to Fees Income and a credit to Cash.

a debit to Cash and a credit to Accounts Receivable.

a debit to Accounts Receivable and a credit to Cash.

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Question 8

3pts

In a compound journal entry

Group of answer choices

debits must equal credits

debits and credits do not need to balance

only debits must equal

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Question 9

3pts

When a customer purchases services with cash down and the rest on account due later, the journal entry would be:

Group of answer choices

debit to Cash and Accounts Receivable; credit to Service Fees

debit to Service Fees; credit to Cash and Accounts Receivable

debit to Service Fees and Accounts Receivable; credit to Cash

debit to Cash; credit to Service Fees

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Question 10

3pts

To journalize a compound transaction debited account(s)

Group of answer choices

are entered after credited account(s)

are entered anywhere in the journal

should be indented and entered second

should be entered first

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Question 11

3pts

The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include

Group of answer choices

a debit to Equipment for $100 and a credit to Cash for $100.

a debit to Equipment for $500, a credit to Cash for $100, and a credit to Accounts Payable for $400.

a debit to Equipment for $100 and a credit to Accounts Payable for $400.

debit to Equipment for $500 and a credit to Cash for $500.

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Question 12

3pts

The Accounts Payable account has a $3,000 credit balance. An entry for the payment of $1,000 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is

Group of answer choices

a $2,000 credit balance.

a $4,000 credit balance.

a $2,000 debit balance.

a $4,000 debit balance.

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Question 13

3pts

Which of the following statements is correct?

Group of answer choices

The general ledger contains the accounts that are used to prepare the financial statements.

Some companies use the general ledger instead of a general journal.

When entries are posted from the general journal to the general ledger, the account number is written in the Posting Reference column in the general ledger.

When entries are posted from the general journal to the general ledger, the page number is written in the Posting Reference column in the general journal.

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Question 14

3pts

The general ledger accounts are usually arranged in the following order:

Group of answer choices

first the temporary accounts, then the permanent accounts.

first the accounts with debit balances, then the accounts with credit balances.

first the balance sheet accounts, then the income statement accounts.

first the accounts used most often, then those used less frequently.

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Question 15

3pts

The account numbers are recorded in the Posting Reference column of the general journal

Group of answer choices

as the transaction is journalized.

after all entries on the journal page have been posted.

after each amount is posted.

as the first amount written in the journal.

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Question 16

3pts

Bertrand Inc. purchased some shop equipment for $4,500 in cash. By mistake, the journal entry debited the Office Equipment account rather than the Shop Equipment account. What correcting entry would be necessary?

Group of answer choices

Debit Office Equipment $4,500; credit Shop Equipment $4,500

Debit Office Equipment $4,500; credit Cash $4,500

Debit Cash $4,500; credit Shop Equipment $4,500

Debit Shop Equipment, $4,500; Credit Office Equipment $4,500

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Question 17

3pts

The purchase of supplies for $500 was recorded as a creditto Cash and a debitto Equipment. To correct this entry we would:

Group of answer choices

no correction required

debit Supplies $500 and credit Cash $500

debit Supplies $500 and credit Equipment for $500

credit Cash for $500 and debit Supplies for $500

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Question 18

3pts

A firm purchased telephone equipment for cash. By mistake, the person who recorded the transaction debited Utilities Expense instead of Office Equipment. The error was discovered after the data was posted. The correcting entry should contain

Group of answer choices

a debit to Office Equipment and a credit to Cash.

a debit to Office Equipment and a credit to Utilities Expense.

a debit to Cash and a credit to Office Equipment.

a debit to Utilities Expense and a credit to Cash.

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Question 19

3pts

Correcting entries are required

Group of answer choices

only when the wrong accounts are debited

only when the wrong amount is entered

only when the wrong accounts are credited

for any errors in recording transactions