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.