Question :
161. The chart of accounts for the Corning Corporation includes the : 1239511
161. The chart of accounts for the Corning Corporation includes the following:
Account Name
Account Number
Cash
11
Accounts Receivable
13
Prepaid Insurance
15
Accounts Payable
21
Unearned Revenue
24
Capital Stock
31
Retained Earnings
32
Dividends
33
Fees Earned
41
Salaries Expense
54
Insurance Expense
55
Rent Expense
56
On journal page 3, the following transaction was found:
Prepaid Insurance
1,530
Cash
1,530
What is the posting reference that will be found in the Cash account? A. 11B. 15C. 3D. none of these
162. The chart of accounts for the Corning Corporation includes the following:
Account Name
Account Number
Cash
11
Accounts Receivable
13
Prepaid Insurance
15
Accounts Payable
21
Unearned Revenue
24
Capital Stock
31
Retained Earnings
32
Dividends
33
Fees Earned
41
Salaries Expense
54
Insurance Expense
55
Rent Expense
56
On journal page 3, the following transaction was found:
Prepaid Insurance
1,530
Cash
1,530
What is the posting reference that will be found in the Prepaid Insurance account? A. 11B. 15C. 3D. none of these
163. The chart of accounts for the Corning Corporation includes the following:
Account Name
Account Number
Cash
11
Accounts Receivable
13
Prepaid Insurance
15
Accounts Payable
21
Unearned Revenue
24
Capital Stock
31
Retained Earnings
32
Dividends
33
Fees Earned
41
Salaries Expense
54
Insurance Expense
55
Rent Expense
56
On journal page 3, the following transaction was found:
Prepaid Insurance
1,530
Cash
1,530
What are the posting references that will be found in the journal entry? A. 15 and 11, respectivelyB. 11 and 15, respectivelyC. 11 and 55, respectivelyD. 3 only
164. The chart of accounts for Miguel Corporation includes the following:
Account Name
Account Number
Cash
11
Accounts Receivable
13
Prepaid Insurance
15
Accounts Payable
21
Unearned Revenue
24
Capital Stock
31
Retained Earnings
32
Dividends
33
Fees Earned
41
Salaries Expense
54
Insurance Expense
55
Rent Expense
56
On journal page 3, the following transaction was found:
Cash
640
Fees Earned
640
What are the posting references that will be found in the journal entry? A. 41 and 11, respectivelyB. 3 onlyC. 11 and 41, respectivelyD. 11 and 32, respectively
165. The chart of accounts for Miguel Corporation includes the following:
Account Name
Account Number
Cash
11
Accounts Receivable
13
Prepaid Insurance
15
Accounts Payable
21
Unearned Revenue
24
Capital Stock
31
Retained Earnings
32
Dividends
33
Fees Earned
41
Salaries Expense
54
Insurance Expense
55
Rent Expense
56
On journal page 5, the following transaction was found:
Salaries Expense
525
Cash
525
What is the posting reference that will be found in the Salaries Expense account? A. 5B. 11C. 54D. none of these
166. The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.
Accounts Payable
1,500
Fees Earned
3,600
Accounts Receivable
1,800
Insurance Expense
1,300
Prepaid Insurance
2,000
Land
3,000
Cash
3,200
Wages Expense
1,400
Capital Stock
2,500
Retained Earnings
6,300
Dividends
1,200
Prepare a trial balance. The total of the debits is A. $13,900B. $11,200C. $12,700D. $ 9,700
167. Randomly listed below are the steps for preparing a trial balance:
(1)
Verify that the total of the Debit column equals the total of the Credit column.
(2)
List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance.
(3)
List the name of the company, the title of the trial balance, and the date the trial balance is prepared.
(4)
Total the Debit and Credit columns of the trial balance.
What is the proper order of these steps? A. (3), (2), (4), (1)B. (2), (3), (4), (1)C. (3), (2), (1), (4)D. (4), (3), (2), (1)
168. Of the following, which will determine if the accounting equation is in balance? A. journal entryB. income statementC. trial balanceD. account reconciliation
169. An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee. When Jamison receives cash from the employee for the amount of the overpayment, which of the following entries will Jamison make? A. Cash, debit; Wages Expense, creditB. Wages Payable, debit; Wages Expense, creditC. Wages Expense, debit, Cash, creditD. Cash, debit; Wages Payable, credit
170. If the two totals of a trial balance are not equal, it could be due to A. failure to record a transactionB. recording the same erroneous amount for both the debit and the credit parts of a transactionC. an error in determining the account balances, such as a balance being incorrectly computedD. recording the same transaction more than once
