Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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What is the normal balance for the following accounts? (Highlight the answer)
(For example: Cash Debit Credit)
Accounts Receivable Debit Credit
Accounts Payable Debit Credit
Equipment Debit Credit
Service Revenue Debit Credit
Prepaid Insurance Debit Credit
Expense Debit Credit
For each of the transactions in items 2 through 5, indicate the two (or more) effects on the
accounting equation of the business or company. (Highlight the answer)
Receive payment in cash for outstanding account receivable
Assets Increase Decrease No effect
Liability Increase Decrease No effect
Equity Increase Decrease No effect
The company purchases land by paying half in cash and signing a note payable for
the other half
Assets Increase Decrease No effect…
Which among the following are transactions that are settled by immediate cash payment and cash receipts.
a.
credit transactions
b.
cash transactions
c.
accounts
d.
financial statements
What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time?
a.
Supplier
b.
Creditor
c.
Accounts payable
d.
Accounts Receivable
Expenses unpaid at the end of a given accounting period is known as _______.
a.
Bank overdrafts
b.
Accounts payable
c.
Unearned revenues
d.
Outstanding expenses
When banks allowed the business to withdraw money even when the account has no funds is known as _______.
a.
Outstanding expenses
b.
Accounts payable
c.
Bank overdrafts
d.
Unearned revenues
Which of the following basis of accounting realises revenue for part of the work completed ?
a.
Non Cash basis
b.
Cash Basis
c.
Production Basis
d.
Accrual Basis
Which of the following journal entries will increase the total balance of the debit accounts in the ledger by $4,500?
Select answer from the options below:
A debit to Supplies for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $5,000.
A debit to Supplies Expense for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $4,000.
A debit to Accounts Payable for $4,500; and a credit to Cash for $4,500.
A debit to Supplies Expense for $5,000; a credit to Cash for $500; and a credit to Accounts Payable for $4,500.
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the companys journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total 8,000, and the credits total 3,300. b. A 500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The 1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistakeit was correctly credited to Cash.arrow_forwardFor each of the following 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, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billarrow_forwardFrom the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier I. company sales account J. income statementarrow_forward
- Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.arrow_forwardPost the following July transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts): A. sold products to customers for cash, $8,500 B. sold products to customers on account, $2,900 C. collected cash from customer accounts, $1,600arrow_forwardFrom the following list, identify which items are considered original sources: A. accounts receivable B. receipt from post office for post office box C. purchase order D. general ledger E. adjusted trial balance F. statement of retained earnings G. electric bill H. packing slip I. company expense account J. statement of cash flowsarrow_forward
- Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective productarrow_forwardFor 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 loanarrow_forward
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