Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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CHOOSE A, B, C OR D
1. Double-entry can be defined as A. any bookkeeping system in which all the sums must be calculated twice (by accountant and by internal auditor) B. any bookkeeping system in which there is a debit and credit entry for each transaction C. any bookkeeping system in which Accounts Receivable are equal to Accounts Payable D. any bookkeeping system governed by the accounting equation: revenue = expenses
2. When a business buys supplies on account, assets ____. a. increase b. decrease c. increase and liabilities decrease d. decrease and liabilities increase
3. Decreases in an asset account are shown on a T account's a. debit side b. balance side c. credit side d. none of the above
Answer questions and explain why did you pick this answer
All of the following are true regarding journal entries except?
Select one:
a. Journal entries provide account balances
b. The debited account titles are listed first
c. Journal entries show the effects of transactions
d. Each journal entry should begin with a date
When the owner withdraws money from the business for personal use -Which of the following has correct effect on accounting equation?
Select one:
a. Expense increase and Cash decrease
b. Cash increase and Capital increase
c. Cash decrease and Capital decrease
d. Income increase and Cash decrease
Sales made to Ahmed on credit should be debited to?
Select one:
a. Cash A/C
b. Account Receivable A/C
c. Sales A/C
d. Account Payable A/C
Which of the following is a correct form of the Accounting Equation?
Select one:
a. Assets = Liabilities + Capital
b. Assets + Capital = Liabilities
c. None of the above
d. Assets + Liabilities = Capital
2.1 REQUIRED■ Show the effect of the following transactions of Montagu Stores on the Accounting equation. Use “+” to denote an increase, “–” to denote a decrease and “0” to denote no change to the elements of the equation. Copy the table in your answer book and follow the example given.■ Assume that the bank balance is favorable at all times. (10)Transactions2.1.1 Received rent from the tenant, R3 000.2.1.2 Received an account from Telstar Motors for motor vehicle repairs, R2 000.2.1.3 Issued a cheque to Makro Suppliers for equipment purchased, R10 000.2.1.4 Issued a receipt to the proprietor who increased her capital contribution by R200 000.2.1.5 Received R1 000 from a debtor who settled his account.2.2 REQUIRED
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- Indicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained Earningarrow_forwardNature of transactions Cheryl Alder operates her own catering service. Summary financial data for March are presented in the following equation form. Each line, designated by a number, indicates the effect of a transaction on the balance sheet. Each increase and decrease in retained earnings, except transaction (4), affects net income. a. Describe each transaction. h. What is the net decrease in cash during the month? c. What is the net increase in retained earnings during the month? d. What is the net income for the month? e. How much of the net income for the month was retained in the business? f. What are the net cash flows from operating activities? g. ‘1iat arc the net cash flows fn)m investing activities? h. What are the net cash flows from financing activities?arrow_forwardAccounting concepts Match each of the following statements with the appropriate accounting concept. Sonic concepts may he used more than once, while others may not be used at all. Use the notat ions shown to indicate the appropriate accounting concept. Statements 1. Assume that a business will continue forever. 2. Material litigation involving the corporation is described in a note. 3. Monthly utilities costs are reported as expenses along with the monthly revenues. 4. Personal transactions of owners are kept separate from the business. 5. This concept supports relying on an independent actuary (statistician), rather than the chief operating officer of the coq)ration, to estimate a pension liability. 6. Changes in the use of accounting methods from one period to the next are described in the notes to the financial statements. 7. Land worth $800,000 is reported at its original purchase price of $220,000. 8. This concept justifies recording only transactions that are expressed in dollars. 9. If this concept was ignored, the confidence of users in the financial statements could not be maintained. 10. The changes in financial condition are reported at the end of the month.arrow_forward
- Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.arrow_forwardShannon O'Bryan operates a service business called Edgecliff Photography. Edgecliff Photography uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. b. Write the amount in the appropriate columns using a plus sign( + ) if the account increases or a minus sign(-) if the account decreases. c. F or transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Ca lculate a new balance for each transaction in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $400.00$400.00. 2. Owner withdrew equity in the form of cash, $150.00$150.00. 3. Received cash from sales,…arrow_forwardPart 1: 3. Record the transaction effects determined in part 2 using journal entries(If no entry is required for a transaction/event, select "No Journal Entry Required" the first account field. Enter your answers in millions (10,000,000 should be entered as 10)) Part 2. Analyze transactions (a)-(e) to determine their effects on the accounting equation. (Enter any decreases to account balances with a minus sign. Enter your answers in millions (1,0,10,000,000 should be entered as 10).) Part 3 Calculate Trisha's Allen's current ratio at June 30, 2019 prior to the transactions listed above. (Round your answer to 2 decimal places.) Part 4 4. Summarize the journal entry effects from part 3 using T-accounts. Use the June 30, 2019 ending balances as the beginning balances for the July-September 2019 quarter. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10)) Part 5 Prepare a classified balance sheet at September 30, 2019. (Enter your answers in millions (i.e.,…arrow_forward
- Help with all work Indicate whether the terms of the accounting equation will increase, decrease or stay thesame for each transaction by placing a “+” or “-” in the appropriate space. If an item is notchanged by the transaction, leave the space blank. Transaction Assets = Liabilities + Net Worth Deposited salary earnedPurchased a new TV oncredit.Received a cash gift.Purchased fuel for car oncredit.Made a loan paymentincluding interest.Received cash from astudent loan.Received a paycheque.arrow_forwardDirections: In the columns below, indicate whether the transactions increased (+), decreased (-), or had no effect (NE) on assets, liabilities and owner’s equity. Transaction Assets Liabilities Equity/Capital Example: Investment by the owner + NE + 1. Purchased supplies on account + + NE 2. Billed customer for services rendered. + NE NE 3. Collection of accounts receivable. 4. Received a bill from Sky Cable. 5. Proprietor’s cash withdrawal. 6. Purchase of equipment on account. 7. Payment of salaries. 8. Payment to creditors. 9. Incurred advertising expense on account. 10. Received a bill from Globe Telecom.arrow_forward
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