Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies Question 7 Not yet answered Which of the following describes the sequence of steps in recording a transaction? Marked out of 1.00 Flag question Select one or more: O a. analyze -journal - ledger journal - ledger - analyze O c. journal - analyze - ledger O d. ledger - journal - analyze Question 8 What is the term for transferring journal entries to the ledger accounts? Not yet answered Marked out of 1.00 Flag question Select one or more: a. journalizing b. posting C. analyzing d. reporting Question 9 Not yet What is the normal balance for an expense account? answered Marked out of 1.00 Flag question Select one or more: O a. credit O b. contraliability O c. debit O d. none of these choices are correct Question 10 Where can you find a list of accounts that should be included in the general ledger? Not yet answered Marked out of 1.00 P Flag question Select one or more: a. journals O b. invoices O c.chart of accounts d. trial balance Question 11 Not yet answered Marked out of 1.00 What is the name of the reference that indicates where an entry into the general ledger came from? P Flag question Select one or more: O a. account reference b. numerical reference c. personal reference d. posting reference Question 12 Not yet answered Marked out of 1.00 If a business purchases equipment on account at the beginning of March and then makes a payment toward that account before the end of the month, which of the following will occur for the payment transaction? P Flag question Select one or more: O a. increase one asset account and decrease another O b. decrease an asset account and decrease owner's equity O c. increase an asset account and increase a liability account O d. decrease an asset account and decrease a liability account Question 13 Which of the following is NOT included in the cash account? Not yet answered Marked out of 1.00 P Flag question Select one or more: a. sales on credit $3,000 b. received cash for partial payment of account $2,000 c. sales of merchandise $5,000 d. purchases of supplies $1,000 Jerma Uumas Question 14 Not yet Which of the following describes an account that has a debit balance? answered Marked out of 1.00 Flag question Select one or more: a. the amount of debit is greater than the amount of credit O b. there are more entries on the debit side than on the credit side O c. none of the choices are correct O d. the last entry of the accounting period was posted on the debit side Question 15 Not yet answered How are transactions recorded in the journal? Marked out of 1.00 P Flag question Select one or more: O a account number order O b. dollar amount order, least to greatest O c.alphabetical order d. chronological order Question 16 Not yet answered In the first month of operations, the total of the debit entries in the cash account amounted to $900 and the total of the credit entries to the cash account amounted to $600. What is the balance of the cash account? Marked out of 1.00 P Flag Question Select one or more: a. $300 debit balance O b. $300 credit balance O c. $900 debit balance O d. $600 credit balance Question 17 Not yet answered Expenses paid and recorded as assets before they are used are called which of the following? (hint - example would be rent paid in advance) Marked out of 1.00 Flag Gustion Select one or more: O a. accrued expenses O b. interim expenses O c. prepaid expenses O d. unearned expenses Question 18 Not yet answered What is the minimum number of accounts that are affected in a single transaction? Marked out of 1.00 Select one or more: P Flag question a. two b. four c. three O d.one Question 19 Not yet answered The Fast Company purchased land for $12,000. The payment is made by issuing 1,200 shares of common stock at $10 each. Which of the following is the proper journal entry? Marked out of 1.00 P Flag question Select one or more: a. Land $12,000 DR; Cash $12,000 CR O b. Land $12,000 DR; Accounts Payable $12,000 CR c. Common Stock $12,000 DR; Land $12,000 CR O d. Land $12,000 DR; Common Stock $12,000 CR Question 20 Which of the following could be a credit? Not yet answered Marked out of 1.00 Flag question Select one or more: 0 a. decrease in a liability account O b. increase in an expense account O c. increase in an asset account d. increase in a liability account Question 1 Posting results in information being accumulated in the journal. Answer saved Marked out of 1.00 Select one: True P Flag question False Revenue is an asset. Question 2 Answer saved Marked out of 1.00 P Flag question Select one: True False Question 3 Withdrawals increase equity. Answer saved Marked out of 1.00 Select one: True False P Flag question Question 4 Answer saved An increase in an expense account is always a debit Marked out of 1.00 Select one: Flag question True False