Which of the following would not be recorded as an identifiable accounting transaction?Multiple ChoiceHiring a new employee.O Putting a deposit down on a new vehicle.O Obtaining a bank loan.Receiving a deposit from a customer.

Identifiable accounting transactions will only be recorded in books of accounts only if these are of…

Answered: Which of the following would not be…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 32MC: Which of the following pairs of accounts are impacted the same with debits and credits? A. Cash and...

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Which of the following pairs of accounts are impacted the same with debits and credits? A. Cash and Unearned Service Revenue B. Electricity Expense and Office Supplies C. Accounts Receivable and Accounts Payable D. Buildings and Common Stock
What is the effect on the fundamental accounting equation if supplies are purchased on account? How will the fundamental accounting equation change if supplies are purchased with cash? Explain how this purchase will or will not change the owners equity.
If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
What is the effect on the accounting equation when a business pays the balance due on accounts payable?
Which of the following business events would not be recorded in the accounting records? Group of answer choices A. Obtaining a bank loan. B. Putting down a deposit on a new vehicle. C. Signing a contract to rent equipment in the next accounting period. D. Receiving a deposit from a customer.
which of the following is an operating avtivity? A. billing customers for services rendered but not yet paid for B. paying off a loan to the bank C. purchasing equipment for cash D. receiving cash investments from owners
Which of the following statements does not fit the job title? An accounting clerk works out accounting entries. An accounting clerk, together with the owner, compares this year’s and last year’s income statements. An accounting clerk uses software to record accounting entries. An accounting clerk inquires about a suspected error made by the bank.
Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained Earnings
It is the amount collected by the business in advance from the customers before the business actually provide the goods or services to the customers. a. Bank overdrafts b. Outstanding expenses c. Accounts payable d. Unearned revenues
Which of the following would NOT affect owner's equity? • a cash receipt from a customer in payment of account O withdrawal of funds for personal use • incurring an expense • services provided for cash.
1. When an error is discovered after closing the nominal accounts, one of the accounts to be credited or debited is the owner’s capital account. True or False?2. All property, plant and equipment are capitalized. True or False?3. Accrual basis of accounting recognizes sales on credit and collection from accounts receivable. True or false?

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Which of the following would not be recorded as an identifiable accounting transaction? Multiple Choice Hiring a new employee. O Putting a deposit down on a new vehicle. O Obtaining a bank loan. Receiving a deposit from a customer.