Question :
73.Newcomb Company began operations December 1, 2013. The following transactions : 1254379
73.Newcomb Company began operations on December 1, 2013. The following transactions were recorded in December:1) The business received $3,000 cash from the issuance of common stock to its stockholders.2) Provided services on account for $2,500.3) Paid $1,500 cash for land.4) Accrued $1,000 of salaries expenses.5) Purchased $300 of supplies on account to be used in January.6) Collected $1,300 from customers.At December 31, 2011, the total debits in the company’s adjusted trial balance would be
A. $6,800.
B. $5,300.
C. $2,700.
D. None of these.
74.If a $200 credit to Revenue was posted as a $200 debit to Salaries Expense:
A. the credit column of the trial balance would be $200 more than the debit column.
B. the credit column of the trial balance would be $400 more than the debit column.
C. the debit column of the trial balance would be $400 more than the credit column.
D. the debit column of the trial balance would be $200 more than the credit column.
75.The following is a trial balance of Barnhart Company as December 31, 2013: Based on the trial balance, the total amount of assets appearing on the balance sheet would be:
A. $15,750.
B. $12,500.
C. $21,350.
D. $23,200.
76.The following is a random list of the accounts of Florida Company: If these accounts were presented in a trial balance, the total of the credit column would be equal to:
A. $56,100.
B. $58,100.
C. $57,100.
D. None of these
77.Which of the following errors would cause the debit side of a trial balance to be larger than the credit side?
A. Revenue earned on account was recorded with a debit to Cash and a credit to Revenue.
B. Purchase of supplies on account was recorded with a credit to Supplies and a debit to Accounts Payable.
C. Land purchased with cash was recorded with a debit to the Land account and a credit to Accounts Payable.
D. None of these.
78.Ferris Company prepared a trial balance at December 31, 2013. A trial balance that balances
A. proves that all transactions have been properly recorded.
B. proves the equality of debits and credits.
C. can only be achieved after adjusting entries have been recorded.
D. proves that there are no missing transactions.
79.Explain how the following general journal entry affects the accounting equation.
A. Both assets and equity increase.
B. Both liabilities and assets increase.
C. Assets increase and liabilities decrease.
D. Liabilities increase and equity decreases.
80.What transaction does the following general journal entry represent?
A. Provided services on account.
B. Paid cash owed to a supplier.
C. Collected cash from customers.
D. Borrowed money to support operating activities.
81.What is one effect of the following general journal entry?
A. Reduces liabilities
B. Increases Retained Earnings
C. Reduces equity
D. Reduces assets
82.Jasper Company experienced an accounting event that was recorded in the company’s general journal: Which of the following choices accurately reflects how this event affects the company’s financial statements?
A. Option A
B. Option B
C. Option C
D. Option D