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Exam 2: Analyzing Transactions

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Question 71

Essay

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Organize the following accounts into the usual sequence of a chart of accounts. Miscellaneous Expense Accounts Payable Retained Earnings Accounts Receivable Cash Capital Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

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Cash
Accounts Receivable
Prepa...

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Question 72

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Expenses follow the same debit and credit rules as

A) revenues
B) dividends
C) capital stock
D) liabilities

E) C) and D)
F) B) and D)

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Question 73

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Depending on the account title,the right side of the account is referred to as the debit side.

Discuss and describe how errors in accounts can be found.

Which of the following is not a correct rule of debits and credits?

Debiting the cash account will increase the account.

The chart of accounts for Miguel Corporation includes the following: On journal page 3,the following transaction was found: $\begin{array}{|c|l|l|}\hline \text { Cash } & 640 & \\\hline \text { Fees Earned } & & 640 \\\hline\end{array}$ What are the posting references that will be found in the journal entry?

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

In which of the following types of accounts are decreases recorded by credits?

A chart of accounts is

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances. $\begin{array}{llll}\text { AccountsPayable } & 1,500 & \text { Fees Earned } & 3,600 \\\text { AccountsReceivable } & 1,800 & \text { Insurance Expense } & 1,300 \\\text { Prepaid Instrance } & 2,000 & \text { Land } & 3,000 \\\text { Casih } & 3,200 & \text { WagesExpense } & 1,400 \\\text { CapitalStock } & 2,500 & \text { Retained Earnings } & 6,300 \\\text { Dividends } & 1,200 & &\end{array}$ Prepare a trial balance.The total of the debits is

Office supplies were sold by Ari's Alarm Service at cost to another repair shop,with cash received.Which of the following entries for Ari's Alarm Service records this transaction?

Which of the following is not a short-cut in finding errors on the trial balance?

On October 17th,Nikle Company purchased a building and a plot of land for $750,000.The building was valued at $500,000 while the land carried a value of $250,000.Nikle paid $300,000 down in cash and signed a note payable for the balance.Prepare the journal entry to record this transaction.

The classification and normal balance of the accounts payable account is

Once journal entries are posted to accounts,each account will show a new balance after each entry.

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?

Which of the following entries records the collection of cash from cash customers?

The chart of accounts classifies the accounts to make identification of the accounts easier.Discuss how companies set up a chart of accounts for use in their business.

The chart of accounts for Miguel Corporation includes the following: On journal page 5,the following transaction was found: $\begin{array}{|l|l|l|}\hline {\text { SalariesExpense }} & 525 & \\\hline \text { Cash } & & 525 \\\hline\end{array}$ What is the posting reference that will be found in the Salaries Expense account?