Question :
138. A record in which the effects of transactions first recorded : 1257785
138. A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n): A. Account.B. Trial balance.C. Journal.D. T-account.E. Balance column account.
139. Smiles Entertainment had the following accounts and balances at December 31:
Account
Debit
Credit
Cash……………
$10,000
Accounts Receivable…..
2,000
Prepaid Insurance ……
2,400
Supplies………….
1,000
Accounts Payable…….
$5,000
Common Stock……..
4,900
Service Revenue…….
7,000
Salaries Expense…….
500
Utilities Expense…….
1,000
Totals
$16,900
$16,900
Using the information in the table, calculate the company’s reported net income for the period.A. $ 1,100B. $ 4,000.C. $ 4,500.D. $10,400.E. $ 5,500140. Jackson Consulting, Inc. had the following accounts and balances at December 31:
Account
Debit
Credit
Cash……………
$20,000
Accounts Receivable…..
6,000
Prepaid Insurance…….
1,500
Supplies………….
5,000
Accounts Payable…….
$ 500
Common Stock……..
16,200
Dividends…………
1,000
Service Revenue…….
20,000
Utilities Expense…….
2,000
Salaries Expense …….
1,200
Totals
$36,700
$36,700
Using the information in the table, calculate Jackson Consulting Inc.’s reported net income for the period.A. $16,800B. $15,800.C. $15,300D. $10,300.E. $32,000141. Bologna Lodging, Inc. had the following accounts and balances as of December 31:
Account
Debit
Credit
Cash……………
$20,000
Accounts Receivable…..
2,000
Salaries Expense…….
500
Accounts Payable…….
$4,000
Lodging Revenue…….
7,000
Utilities Expense…….
500
Prepaid Insurance ……
1,400
Supplies………….
1,500
Common Stock……..
14,900
Totals
$25,900
$25,900
Using the information in the table, calculate the total assets reported on Bologna’s balance sheet for the period.A. $ 24,900B. $ 25,400.C. $ 22,500.D. $ 25,900.E. $ 23,400142. At the end of its first month of operations, Michael’s Consulting Services, Inc. reported net income of $25,000. They also had account balances of: Cash, $18,000; Office Supplies, $2,000 and Accounts Receivable $10,000. The stockholders’total investment for this first month was $5,000.
Calculate the ending balance in Stockholders’ Equity to be reported on the Balance Sheet.
A.$30,000
B. $25,000
C. $20,000
D. $ 5,000E. $ 7,000
143. Identify the accounts that would normally have balances in the debit column of a business’s trial balance.
A.Assets and expenses.
B.Assets and revenues.
C.Revenues and expenses.
D.Liabilities and expenses.E.Liabilities and dividends.
144. Identify the accounts that would normally have balances in the credit column of a business’s trial balance
A.Liabilities and expenses.
B.Assets and revenues.
C.Revenues and expenses.
D.Revenues and liabilities.E. Dividends and liabilities
145. Which of the following is not a step in the accounting process?
A.Record relevant transactions and events in a journal
B.Post journal information to the ledger accounts C.Prepare and analyze the trial balance.
D.Analyzing each transactionE. Verify that revenues and expenses are equal.
146. A bookkeeper has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction: A. Credit another asset account for $1,500.B. Credit another liability account for $1,500.C. Credit an expense account for $1,500.D. Credit the common stock account for $1,500.E. Debit another asset account for $1,500.
147. A report that lists a business’s accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A. Account balance.B. Trial balance.C. Ledger.D. Chart of accounts.E. General Journal.
