Chapter 2.1, Problem 1WT

Question 1The left side of an account is Answers: a.the balance of the account b.Blank c.the debit sided. A description of the accountResponse Feedback:Try again Question 2 In the first month of operations, the total of the debit entries to the Cash account amounted to $1,400 and the total of the credit entries to the Cash account amounted to $800. The Cash account has a Answers: a.$600 debit balance b.$1,400 debit balance c.$600 credit balanced.$800 credit balanceResponse Feedback:Try again .Question 3 All of the following are characteristics of every accounting information system except it is a system Answers: a.of data storage hardware for the chart of accounts b.that processes transaction data c.that collects transaction data d.that communicates financial information to decision makersResponse Feedback:You are correct! Question 4 Debits Answers:a.increase both assets and liabilities b.decrease assets and increase liabilities c.decrease both assets and liabilities d.increase assets…

short answer for these pls? Hide Transcribed Text 1. What is a normal balance? 2. Which accounts increase with a debit? How are these accounts decreased? 3. Which accounts increase with a credit? How are these accounts decreased? 4. What is recorded in a journal entry? 5. Which is listed first in a journal entry, debits or credits?

2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer: Type answer here. 3. Prepare a T account for each transaction. Label the account title for each account affected. Use the chart for accounts you created in question 1. Write the debit and credit amounts for each T account to show how the accounts are affected. The first one is done. c. Received cash from owner, Roger Fisher, as an investment, $10,000.00 d. Paid cash for insurance, $ 2, 400.00 e. Bought supplies on a account to Salmon Slayers, $600.00 Paid cash for fuel, $500.00 Paid cash to owner, Roger Fisher, for personal use, $1,250.00

For each of the transactions below, determine the effect on (a) the current ratio and (b) the acid-test ratio. 1. Provide services to customers on account. 2. Borrow cash from the bank by signing a long-term note payable. 3. Purchase office supplies with cash. 4. Pay rent for the current period.

Compound entries A. would include an entry to record the purchase of n computer for cash. B. include al least two debits or two credits. C. require thut all credits be listed before the debits for entries allecting the statement of financial position. D. should be broken into their component parts and recorded as simpic entries.

Cornerstone Exercise 2-23 Debit and Credit Procedures Refer ID the accounts listed below. a. Accounts Payable e. Equipment b. Accounts Receivable f. Common Stock c. Retained Earnings g. Salary Expense d. Sales h. Repair Expense Required: For each of the acmums1 complete the following table by entering the normal balance of the account (debit or credit) and the word increase or decrease in the debit and credit columns.

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.