Financial Accounting - Access
4th Edition
ISBN: 9781259958533
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 2, Problem 2.12BE
Correct a
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Prepare a corrected trial balance by placing each account balance in the correct debit or credit column.
| Trial Balance | ||
| Accounts | Debit | Credit |
| Cash | $ 7,300 | |
| $ 2,100 | ||
| Equipment | 10,400 | |
| Accounts Payable | 3,900 | |
| Deferred Revenue | 1,100 | |
| Common Stock | 11,000 | |
| 3,900 | ||
| Dividends | 600 | |
| Service Revenue | 4,500 | |
| Salaries Expense | 3,200 | |
| Utilities Expense | 800 | |
| Total | $36,400 | $12,400 |
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1. Geek Squad performs services for a customer and bills the customer for $500. How wouldGeek Squad record this transaction?a. Accounts receivable increase by $500; revenues increase by $500.b. Cash increases by $500; revenues increase by $500.c. Accounts receivable increase by $500; revenues decrease by $500.d. Accounts receivable increase by $500; accounts payable increase by $500.e. Accounts payable increase by $500; revenues increase by $500.
2. Indicate which of the following statements is true.a. Since intangible assets lack physical substance, they need be disclosed only in the notes to thefinancial statements.b. Goodwill should be reported as a contra-account in the owner’s equity section.c. Totals of major classes of assets can be shown in the balance sheet, with asset details disclosedin the notes to the financial statements.d. Intangible assets are typically combined with plant assets and natural resources and shown…
Help me answer the 3 question
18.
Which of the following situations will cause total debit balance to be greater than the total credit balance?
Select one:
a.
The amount extracted from a creditor’s account is posted to the wrong side of the trial balance.
b.
Sales of goods are recorded as purchases of goods in the ledger accounts.
c.
The amount extracted from the account of a debtor, Mr. Lee is posted as P1,000 instead of P1,100 in the trial balance.
d.
The purchase of fixture is recorded in the furniture account.
19.
Which of the following statements regarding a trial balance is incorrect?
Select one:
a.
A trial balance proves that no errors of any kind have been made in the account during the accounting period.
b.
A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date.
c.
A trial balance helps to localize errors within an identifiable time period.
d.
A trial balance is a test of the equality of the debit…
Which of the following accounts decreases with a debit?
A) notes payable
B) cash
C) accounts receivable
D) rent expense
For expenses, the category of account and its normal balance is ______
A) assets and a debit balance
B) equity, and a credit balance
C) equity, and a debit balance
D) assets, and a credit balance
Ranger pool company received cash of $40,000 and issued common stock which of the following accounts will be credited?
A) cash
B) accounts receivable
C) common stock
D) accounts payable 
Chapter 2 Solutions
Financial Accounting - Access
Ch. 2 - Prob. 1RQCh. 2 - 2.List the steps we use to measure external...Ch. 2 - 3.Each external transaction will have a dual...Ch. 2 - 4.Describe the impact of each of these external...Ch. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - 10.Suzanne knows that an increase to an expense...
Ch. 2 - 11.What is a journal? What is a journal entry?Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - 15.Describe the events that correspond to the...Ch. 2 - 16.What does a T-account represent? What is the...Ch. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - 20.If total debits equal total credits in the...Ch. 2 - List steps in the measurement process (LO21) Below...Ch. 2 - Balance the accounting equation (LO22) Using the...Ch. 2 - Suppose a local company has the following balance...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the effect of debits and credits on...Ch. 2 - Prob. 2.6BECh. 2 - Record transactions (LO24) The following...Ch. 2 - Prob. 2.8BECh. 2 - Analyze T-accounts (LO25) Consider the following...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.11BECh. 2 - Correct a trial balance (LO26) Your study partner...Ch. 2 - Listed below are several terms and phrases...Ch. 2 - Prob. 2.2ECh. 2 - Analyze the Impact of transactions on the...Ch. 2 - Analyze the Impact of transactions on the...Ch. 2 - Understand the components of retained earnings...Ch. 2 - Indicate the debit or credit balance of accounts...Ch. 2 - Associate debits and credits with external...Ch. 2 - Prob. 2.8ECh. 2 - Identify transactions (LO24) Below are recorded...Ch. 2 - Prob. 2.10ECh. 2 - Record transactions (LO24) Bearcat Construction...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Correct recorded transactions (LO24) Below are...Ch. 2 - Prob. 2.14ECh. 2 - Post transactions to T-accounts (LO25) Consider...Ch. 2 - Identify transaction (LO25) Below are T-accounts....Ch. 2 - Prob. 2.17ECh. 2 - Prepare o trial balance (LO26) Below is the...Ch. 2 - Prob. 2.19ECh. 2 - Prob. 2.20ECh. 2 - Below is a list of activities for Jayhawk...Ch. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Refer to the transactions described in P24A. Keep...Ch. 2 - Prepare a trial balance (LO26) Below are the...Ch. 2 - Prob. 2.7APCh. 2 - Prob. 2.8APCh. 2 - Prob. 2.9APCh. 2 - Analyze the impact of transactions on the...Ch. 2 - Prob. 2.2BPCh. 2 - Prob. 2.3BPCh. 2 - Record transactions (LO24) Flip Side of P25B Eli...Ch. 2 - Prob. 2.5BPCh. 2 - Prob. 2.6BPCh. 2 - Prob. 2.7BPCh. 2 - Prob. 2.8BPCh. 2 - Prob. 2.9BPCh. 2 - Prob. 2.1APCPCh. 2 - Prob. 2.2APFACh. 2 - The Buckle, Inc. Financial Analysis Financial...Ch. 2 - Prob. 2.4APCACh. 2 - Prob. 2.5APECh. 2 - Prob. 2.6APIRCh. 2 - Prob. 2.7APWC
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