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Exam 2: The Accounting Cycle: During the Period

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Question 91

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Which of the accounts are increased with a debit and decreased with a credit?

A) Liabilities,stockholders' equity,and revenues.
B) Dividends,liabilities,and assets.
C) Expenses,dividends,and stockholders' equity.
D) Assets,dividends,and expenses.

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

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Question 92

Multiple Choice

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Which of the following accounts would normally have a debit balance?

A) Accounts Payable,Service Revenue,Common Stock.
B) Salaries Payable,Unearned Revenue,Utilities Expense.
C) Income Tax Payable,Service Revenue,Dividends.
D) Cash,Delivery expense,Dividends.

E) None of the above
F) A) and D)

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Question 93

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A company received a bill for newspaper advertising services,$400.The bill will be paid in 10 days.How would the transaction be recorded today?

How many of the following events would require an expense to be recorded? Ordering office supplies Hiring a receptionist Paying employee salaries for the current month Receiving but not paying a current utility bill Paying for insurance in advance

Providing services to customers is recorded with a debit to Service Revenue.

An expense has what effect on the accounting equation?

If total debits equal total credits in the trial balance,then all balances are correct.

Receiving cash in advance from customers increases the Service Revenue account.

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -____ Contains all the accounts of a company.

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided. -____ Payments to stockholders.

Explain what it means that external transactions have a dual effect.

A company purchases a building for $100,000,paying $20,000 cash and signing a note payable for the remainder.Record the transaction.

Amounts owed to suppliers for supplies purchased on account are defined as:

After recording each transaction,total assets must equal total liabilities plus stockholders' equity.

Bostel wanted to expand the size of its warehouse in order to generate more profits.The company decided to purchase the building adjacent to its existing warehouse.The company pays for the building by borrowing from the bank.The purchase would be recorded as:

If a transaction causes total assets of the company to increase by $2,000,then liabilities plus stockholders' equity also increases by $2,000.