41. Which pair of accounts has the same set of rules for debit and credit entries? A. Common stock and Accounts payableB. Salaries expense and Retained earningsC. Cash and Notes payableD. Sales revenue and Accounts receivable
42. Which pair of accounts has the same set of rules for debit and credit entries? A. Service revenue and Rent expenseB. Dividends and Retained earningsC. Equipment and Salaries expenseD. Accounts receivable and Accounts payable
43. Fort Marcus County ClubSelected accounts for Fort Marcus Country Club are provided below.
44. Fort Marcus County ClubSelected accounts for Fort Marcus Country Club are provided below.
Cash
Unearned Revenue
8/1 bal.
6,000
8/3
600
8/3
600
8/5
500
8/7
1,100
Accounts Receivable
Membership Revenue
8/2
1,800
8/7
1,100
8/2
1,800
8/5
500
Refer to the information provided for Fort Marcus Country Club. On which date did the country club make cash sales for club membership fees? A. August 2ndB. August 3rdC. August 5thD. August 7th
45. Fort Marcus County ClubSelected accounts for Fort Marcus Country Club are provided below.
Cash
Unearned Revenue
8/1 bal.
6,000
8/3
600
8/3
600
8/5
500
8/7
1,100
Accounts Receivable
Membership Revenue
8/2
1,800
8/7
1,100
8/2
1,800
8/5
500
Refer to the information provided for Fort Marcus Country Club. On which date did the country club collect an advance of membership fees? A. August 2ndB. August 3rdC. August 5thD. August 7th
46. Fort Marcus County ClubSelected accounts for Fort Marcus Country Club are provided below.
Cash
Unearned Revenue
8/1 bal.
6,000
8/3
600
8/3
600
8/5
500
8/7
1,100
Accounts Receivable
Membership Revenue
8/2
1,800
8/7
1,100
8/2
1,800
8/5
500
Refer to the information provided for Fort Marcus Country Club. Which of the following describes the transactions which occurred on August 7th? A. Sold club memberships on credit.B. Collected memberships in advance.C. Received payments on account.D. Sold club memberships for cash.
47. Fort Marcus County ClubSelected accounts for Fort Marcus Country Club are provided below.
Cash
Unearned Revenue
8/1 bal.
6,000
8/3
600
8/3
600
8/5
500
8/7
1,100
Accounts Receivable
Membership Revenue
8/2
1,800
8/7
1,100
8/2
1,800
8/5
500
Refer to the information provided for Fort Marcus Country Club. Assuming that there are no other transactions, how much was owed to the country club by the members on August 7th? A. $1,800B. $1,300C. $ 700D. $ 500
48. What type of account is increased with a debit but is a decrease to retained earnings? A. LiabilityB. AssetC. RevenueD. Expense
49. An account is said to have a debit balance if: A. the amount of the debits exceeds the amount of the credits.B. there are more entries on the debit side than on the credit side.C. its normal balance is debit without regard to the amounts or number of entries on the debit side.D. the first entry of the accounting period was posted on the debit side.
50. The correct term for the entry made on the left side of a T-account is: A. debit.B. credit.C. posting.D. journalizing.
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