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