Question :
127.Here the trial balance for McLeary Corporation:
McLeary Corporation
Trial Balance : 1244310
127.Here is the trial balance for McLeary Corporation:
McLeary Corporation
Trial Balance
January 31, 20×7
Cash
$3,000
Accounts Receivable
2,000
Art Supplies
3,000
Office Supplies
5,000
Prepaid Rent
7,000
Prepaid Insurance
5,000
Art Equipment
5,000
Office Equipment
3,000
Accounts Payable
$10,000
Common Stock
5,000
Retained Earnings
5,000
Dividends
?
Advertising Fees Earned
?
Wages Expense
?
Utilities Expense
5,000
Telephone Expense
3,000
$ A
$ B
If the trial balance showed a balance of $7,000 in the Dividends account and a balance of $10,500 in the Wages Expense account, what would be the amount of Advertising Fees Earned for the period?
a.
$48,500
b.
$23,500
c.
$38,500
d.
$53,500
128.Here is the trial balance for McLeary Corporation:
McLeary Corporation
Trial Balance
January 31, 20×7
Cash
$11,000
Accounts Receivable
2,000
Art Supplies
3,000
Office Supplies
5,000
Prepaid Rent
7,000
Prepaid Insurance
5,000
Art Equipment
5,000
Office Equipment
3,000
Accounts Payable
$10,000
Common Stock
5,000
Retained Earnings
5,000
Dividends
?
Advertising Fees Earned
?
Wages Expense
?
Utilities Expense
5,000
Telephone Expense
3,000
$ A
$ B
On the trial balance, total assets equal
a.
$31,000.
b.
$49,000.
c.
$51,000.
d.
$41,000.
129.Here is the trial balance for McLeary Corporation:
McLeary Corporation
Trial Balance
January 31, 20×7
Cash
$3,000
Accounts Receivable
2,000
Art Supplies
3,000
Office Supplies
5,000
Prepaid Rent
7,000
Prepaid Insurance
5,000
Art Equipment
5,000
Office Equipment
3,000
Accounts Payable
$10,000
Common Stock
5,000
Retained Earnings
5,000
Dividends
?
Advertising Fees Earned
?
Wages Expense
?
Utilities Expense
5,000
Telephone Expense
3,000
$ A
$ B
If the trial balance showed a balance of $8,000 in the Wages Expense account and a balance of $40,500 in the Advertising Fees Earned account, what would be the amount of A?
a.
$55,500
b.
$50,500
c.
$60,500
d.
$65,500
130.Here is the trial balance for McLeary Corporation:
McLeary Corporation
Trial Balance
January 31, 20×7
Cash
$3,000
Accounts Receivable
2,000
Art Supplies
3,000
Office Supplies
5,000
Prepaid Rent
7,000
Prepaid Insurance
5,000
Art Equipment
5,000
Office Equipment
3,000
Accounts Payable
$10,000
Common Stock
5,000
Retained Earnings
5,000
Dividends
?
Advertising Fees Earned
?
Wages Expense
?
Utilities Expense
5,000
Telephone Expense
3,000
$ A
$ B
If the trial balance showed a balance of $4,000 in the Wages Expense account and a balance of $30,000 in the Advertising Fees Earned account, what would be the amount of Dividends?
a.
$14,000
b.
$5,000
c.
$25,000
d.
$19,000
131.Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal?
a.
A debit entry was recorded in the wrong account.
b.
The account balance was carried to the wrong column of the trial balance.
c.
The balance of an account was incorrectly computed.
d.
A debit was entered in an account as a credit.
132.The primary purpose of the trial balance is to test the
a.
recording of transactions.
b.
equality of debit and credit entries in the journal.
c.
analysis of transactions.
d.
equality of debit and credit balances in the ledger.
133.A $120 credit item is posted as a debit. The trial balance column totals therefore will differ by
a.
$120.
b.
$240.
c.
$480.
d.
$0.
134.Which of the following errors will not cause the debit and credit columns of a trial balance to be unequal?
a.
The trial balance was incorrectly summed.
b.
Only part of an entry was posted.
c.
A debit was posted to an account as a credit.
d.
An entry was posted twice.
135.Which of the following errors will cause a trial balance to be out of balance?
a.
The bookkeeper forgot to record a transaction.
b.
A credit was posted to an account as a debit.
c.
The bookkeeper forgot to post an entry to the ledger.
d.
A debit to Office Equipment was incorrectly debited to Office Supplies.
136.Which of the following errors will cause a trial balance to be out of balance?
a.
Incorrectly recording the purchase of land for cash as a debit to Cash and a credit to Land
b.
Placing a debit balance amount into the credit balance column of the ledger
c.
Posting a debit to Land as a debit to Machinery
d.
Omitting an entire transaction
