Question : 151. Which of the following group of accounts increased with a : 1239510

 

 

151. Which of the following group of accounts are increased with a debit? A. assets, liabilities, stockholders’ equityB. assets, dividends, expensesC. assets, revenues, expensesD. assets, liabilities, revenues

 

152. Which of the following accounts increase with a credit? A. capital stock, revenues, expensesB. assets, capital stock, revenuesC. liabilities, capital stock, revenuesD. retained earnings, capital stock, assets

 

153. Which of the following is true regarding normal balances of accounts? A. All accounts have a normal debit balance.B. All expense accounts have a normal negative balance.C. Accounts that have a normal debit balance will only have debit entries, never credit entries.D. The normal balance appears on the side of the account that also receives increase entries.

 

154. All of the following occur with a double-entry accounting system except A. The accounting equation remains in balance.B. The sum of all debits is always equal to the sum of all credits in each journal entry.C. Each business transaction will have only two entries.D. Every transaction affects at least two accounts.

 

155. 

March

6

Cash

 

2,500

 

 

 

     Unearned Fees

 

 

2,500

 

 

           ????????????

 

 

 

 

 

 

 

 

 

What is the best explanation for this journal entry? A. Received cash for services performed.B. Received cash for services to be performed in the future.C. Paid cash in advance for services to be done.D. Paid cash for services to be performed.

 

156. 

April

14

Equipment

 

15,000

 

 

 

      Cash

 

 

  5,000

 

 

      Note Payable

 

 

10,000

 

 

              ????????????

 

 

 

 

 

 

 

 

 

Which is the best explanation for this journal entry? A. Purchased equipment, paid cash of $5,000, with the remainder to be paid in the future.B. Purchased equipment, paid cash of $10,000, with the remainder to be received in the future.C. Purchased equipment, paid cash for the entire amount.D. Purchased equipment on credit.

 

157. The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a A. ledgerB. trial balanceC. accountD. balance sheet

 

158. The process of transferring the debits and credits from the journal entries to the ledger accounts is called A. slidingB. transposingC. journalizingD. posting

 

159. The posting process will include the transfer of the following information from the journal to the account. A. date, amount (debit or credit)B. date, amount (debit or credit), journal page numberC. amount (debit or credit), account numberD. date, amount (debit or credit) account number

 

160. The Post. Ref. columns are used to trace transactions from the journal to the accounts.  What will be entered in the Post. Ref. column of (a) the journal and (b) the account? A. (a) the amount of the debit or credit (b) the journal page numberB. (a) the journal page number (b) the date of the transactionC. (a) the journal page number, (b) the account numberD. (a) the account number, (b) the journal page number