117.When a service has been performed, but no cash has been received, which of the following statements is true?

a.

No journal entry would be made.

b.

The entry would contain a debit to Accounts Payable.

c.

The entry would contain a debit to Accounts Receivable.

d.

The entry would contain a credit to Unearned Revenue.

118.Which of the following transactions decreases both assets and stockholders' equity?

a.

Receipt of a phone bill, to be paid at a later time

b.

Advance payment made for insurance

c.

Payment of a liability

d.

Declaration and payment of a dividend

119.A $4,000 machine is purchased by paying $1,000 cash and issuing a promissory note for the remainder. The entry should contain a

a.

credit to Notes Payable.

b.

credit to Notes Receivable.

c.

debit to Cash.

d.

credit to Machinery.

120.All of the following are examples of source documents except

a.

receipts.

b.

checks.

c.

journals.

d.

invoices.

121.Which of the following transactions increases both assets and stockholders' equity?

a.

Rendered a service, payment not yet received

b.

Declared and paid a dividend

c.

Received a bank loan

d.

Received payment from a credit customer

122.Which of the following accounts will not affect stockholders' equity?

a.

Sales

b.

Land

c.

Dividends

d.

Advertising Expense

123.A dividend will reduce which of the following accounts?

a.

Common Stock

b.

Accounts Payable

c.

Retained Earnings

d.

Dividends

124.An $80 credit item is accidentally posted as a debit. The trial balance column totals will therefore differ by

a.

$160.

b.

$0.

c.

$80.

d.

$40.

125.Which of the following gives the correct sequence of accounting procedures?

a.

Financial statements, trial balance, ledger, journal

b.

Financial statements, journal, ledger, trial balance

c.

Ledger, trial balance, journal, financial statements

d.

Journal, ledger, trial balance, financial statements

126.Here is the trial balance for McLeary Corporation:

McLeary Corporation

Trial Balance

January 31, 20x7

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 balance of the Dividends account were $36,000 and the balance of the Wages Expense account were $5,000, what would be the amount of B?

a.

$82,000

b.

$48,000

c.

$61,000

d.

$62,000

117.When a service has been performed, but no cash has been received, which of the following statements is true?

a.

No journal entry would be made.

b.

The entry would contain a debit to Accounts Payable.

c.

The entry would contain a debit to Accounts Receivable.

d.

The entry would contain a credit to Unearned Revenue.

118.Which of the following transactions decreases both assets and stockholders' equity?

a.

Receipt of a phone bill, to be paid at a later time

b.

Advance payment made for insurance

c.

Payment of a liability

d.

Declaration and payment of a dividend

119.A $4,000 machine is purchased by paying $1,000 cash and issuing a promissory note for the remainder. The entry should contain a

a.

credit to Notes Payable.

b.

credit to Notes Receivable.

c.

debit to Cash.

d.

credit to Machinery.

120.All of the following are examples of source documents except

a.

receipts.

b.

checks.

c.

journals.

d.

invoices.

121.Which of the following transactions increases both assets and stockholders' equity?

a.

Rendered a service, payment not yet received

b.

Declared and paid a dividend

c.

Received a bank loan

d.

Received payment from a credit customer

122.Which of the following accounts will not affect stockholders' equity?

a.

Sales

b.

Land

c.

Dividends

d.

Advertising Expense

123.A dividend will reduce which of the following accounts?

a.

Common Stock

b.

Accounts Payable

c.

Retained Earnings

d.

Dividends

124.An $80 credit item is accidentally posted as a debit. The trial balance column totals will therefore differ by

a.

$160.

b.

$0.

c.

$80.

d.

$40.

125.Which of the following gives the correct sequence of accounting procedures?

a.

Financial statements, trial balance, ledger, journal

b.

Financial statements, journal, ledger, trial balance

c.

Ledger, trial balance, journal, financial statements

d.

Journal, ledger, trial balance, financial statements

126.Here is the trial balance for McLeary Corporation:

McLeary Corporation

Trial Balance

January 31, 20x7

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 balance of the Dividends account were $36,000 and the balance of the Wages Expense account were $5,000, what would be the amount of B?

a.

$82,000

b.

$48,000

c.

$61,000

d.

$62,000

117.When a service has been performed, but no cash has been received, which of the following statements is true?

a.

No journal entry would be made.

b.

The entry would contain a debit to Accounts Payable.

c.

The entry would contain a debit to Accounts Receivable.

d.

The entry would contain a credit to Unearned Revenue.

118.Which of the following transactions decreases both assets and stockholders' equity?

a.

Receipt of a phone bill, to be paid at a later time

b.

Advance payment made for insurance

c.

Payment of a liability

d.

Declaration and payment of a dividend

119.A $4,000 machine is purchased by paying $1,000 cash and issuing a promissory note for the remainder. The entry should contain a

a.

credit to Notes Payable.

b.

credit to Notes Receivable.

c.

debit to Cash.

d.

credit to Machinery.

120.All of the following are examples of source documents except

a.

receipts.

b.

checks.

c.

journals.

d.

invoices.

121.Which of the following transactions increases both assets and stockholders' equity?

a.

Rendered a service, payment not yet received

b.

Declared and paid a dividend

c.

Received a bank loan

d.

Received payment from a credit customer

122.Which of the following accounts will not affect stockholders' equity?

a.

Sales

b.

Land

c.

Dividends

d.

Advertising Expense

123.A dividend will reduce which of the following accounts?

a.

Common Stock

b.

Accounts Payable

c.

Retained Earnings

d.

Dividends

124.An $80 credit item is accidentally posted as a debit. The trial balance column totals will therefore differ by

a.

$160.

b.

$0.

c.

$80.

d.

$40.

125.Which of the following gives the correct sequence of accounting procedures?

a.

Financial statements, trial balance, ledger, journal

b.

Financial statements, journal, ledger, trial balance

c.

Ledger, trial balance, journal, financial statements

d.

Journal, ledger, trial balance, financial statements

126.Here is the trial balance for McLeary Corporation:

McLeary Corporation

Trial Balance

January 31, 20x7

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 balance of the Dividends account were $36,000 and the balance of the Wages Expense account were $5,000, what would be the amount of B?

a.

$82,000

b.

$48,000

c.

$61,000

d.

$62,000

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