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Exam 2: The Accounting Cycle: During the Period

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Question 61

Multiple Choice

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Consider the following accounts: Dividends Insurance Expense Cash Service Revenue How many of these accounts are increased with credits?

A) One.
B) Two.
C) Three.
D) Four.

E) A) and B)
F) A) and C)

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Question 62

Multiple Choice

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Which of the following accounts has a debit balance?

A) Accounts Payable.
B) Unearned Revenue.
C) Service Revenue.
D) Salaries Expense.

E) A) and B)
F) A) and C)

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Question 63

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A company collects $4,000 cash from customers for services previously provided on account.Record the transaction.

Suppose a company has the following balance sheet accounts: Calculate the missing amounts assuming the company has total assets of $40,000.

On July 7,Saints Inc.received $10,000 in cash from a customer for services to be provided on October 10.Which of the following describes how the transaction should be recorded on July 7?

A company purchases supplies on account for $1,700.Indicate the amount of increases and decreases in the accounting equation.

Tomlin & Company provides music for special occasions.On January 14,the Smith family hired Tomlin for an upcoming family wedding for an agreed upon fee of $10,000.The wedding was scheduled for May 23.As part of the agreement,the Smiths paid Tomlin half of the fee at the end of April with the remaining amount due by the end of June.How would Tomlin record the receipt of the final payment in June?

A trial balance can best be explained as a list of:

Purchasing office equipment on account has what impact on the accounting equation?

Paying for one year of rent in advance does not affect the accounting equation.

A company pays $5,400 for maintenance in the current period.Record the transaction.

A company sells common stock for $20,000 cash.Record the transaction.

Purchasing equipment using cash causes assets to increase.

Selling common stock for cash causes assets to increase and stockholders' equity to decrease.

Describe the six steps in the FN Measurement process of external transactions.

Incurring an expense for advertising on account would be recorded by:

A company receives $6,500 cash in advance from customers for services to be provided next year.Record the transaction.

Which of the following is not possible when recording a transaction?

A company pays $2,000 dividends to its stockholders.Record the transaction.

The Dividends account increases with a credit and decreases with a debit.