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Exam 2: Analyzing Transactions

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Question 31

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Georgia Company has a condensed income statement as shown:: REQUIRED: Prepare a horizontal analysis of Georgia Company's income statements. Comment on the trends, both favorable and unfavorable.

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_TB2085_00_TB2085_00 The trend in sales ...

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Question 32

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A debit signifies a decrease in

A) assets
B) expenses
C) drawing
D) revenues

E) All of the above
F) A) and D)

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Question 33

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Journalize the entries to correct the following errors:

Expenses use up assets or consume services in the process of generating revenues.

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

The ____ is where a transaction can first be found on the accounting records.

Revenues are equal to the difference between cash receipts and cash payments.

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

A list of the accounts is called

Revenue accounts are increased by credits.

The chart of account for the Corning Company includes some of the following accounts: $\begin{array}{|l|l|}\hline \text { Account Name } & \text { Account Number } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unamed Revenue } & 24 \\\hline \text { Corning, Capital } & 31 \\\hline \text { Corning, Drawing } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline & \\\end{array}$ On the journal page 3, the following transaction was found: $\begin{array} { | l | l | l | } \hline \text { Prepaid Insuranse } & 1,530 & \\\hline \text { Cash } & & 1,530 \\\hline & &\end{array}$ What is the post reference that will be found on the Prepaid Insurance account?

Unearned Revenues account is an example of a liability.

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

Which of the following types of accounts have a normal credit balance?

The Drawings account is an example of an expense.

Expenses can result from:

An account has three parts to it; a title, an increase side, and a decrease side.

In accordance with the debit and credit rules, which of the following is true?

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form:

On January 1, 2010, Cary Parsons established a catering service. Listed below are accounts to use for transactions (a) through (f), each identified by a number. Following this list are the transactions that occurred in Parsons' first month of operation. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.