Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Directions: Choose the letter corresponding to the correct answer for each of the questionsprovided below.1. Accounts receivable or the amount to be received when a customer orders on accountis an example of what account?a. Asset c. Equityb. Liability d. All of the above2. Expenses incurred on paying utilities belong to what type of account?a. Asset c. Equityb. Liability d. All of the above3. If Company A borrows money from company B, the transaction results toa. Increase in asset of A and increase in asset in Bb. Increase in asset of A and decrease in equity of Bc. Increase in asset of A and no effect on assets of Bd. Both B and C4. Equity means assets minus liabilities. Other terms that can be used synonymously withequity are the following except :a. Capital c. Net worthb. Net assets d. Profit5. Sources of legal obligation are the following excepta. The law c. Debtsb. Contracts d. Other operation by law
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.
A business renders services to a customer for OR16,000 on account. Which account is credited?
Select one:
O a. Cash
O b. Accounts payable
O c. Accounts receivable
O d. service revenue
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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_forwardCornerstone 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.arrow_forwardSUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…arrow_forward
- Multiple choice: 1. Which of the following are the all temporary accounts? A. Liabilities, revenues and expenses B. Revenues, expenses and withdrawals C. Revenues, expenses and capital D. Assets, revenues and withdrawals 2. The income summary account is closed to the: A. Cash account B. Withdrawals account C. Service revenue account D. Capital accountarrow_forwardMark with an “X” the box that indicates the normal balance and the correct presentation of the following accounts. The accounts are: (1) ASSETS (A) DR (B) CR (2) DEBTS (A) DR (B) CR (3) CAPITAL (A) DR (B) CR (4) INCOME EXPENSES (A) DR (B) CR Ex. Bonuses payable (2B) X 1 Bonus premium payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 2 Discount on document payable - short term (Discount on notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 3 Cost of guarantees (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 4 Gain on debt restructuring (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 5 Land that is received in exchange for the issuance of a long-term payable document (Long term notes payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 6 Guarantees payable (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 7 Contingent liability-litigation (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 8 Bonus for paying executives (bonus payable) (1A) (1B) (2A) (2B) (3A) (3B) (4A) (4B) 9 Social security payable…arrow_forwardIndicate which of the following general ledger accounts are temporary or permanent. a. Cash b. Accounts Receivable c. Accounts Payable d. Prepaid Insurance e. Fees Earned f. Insurance Expense g. Accumulated Depreciation—Equipment h. Owner, Drawing i. Owner, Capital j. Income Summaryarrow_forward
- SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…arrow_forward1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 wasRM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31December 2019 was RM100 2. The following balances were extracted from the ledger of CTSha Trading as at 31 October 2019. DEBIT (RM) CREDIT (RM) Insurance 12,000 Water and electricity 4,800 Wages and salaries 16,000 Rental income 9,900 Interest income 6,000 Prepaid insurance as at 1 Nov 2018 1,500 Accrued wages and salaries as at 1 Nov 2018 2,000 Accrued rental income as at 1 Nov 2018 1,800 The following adjustment were to be…arrow_forwardThe receipt of ________ from a customer increases assets and liabilities. Select answer from the options below 1.cash in advance 2.cash for services performed 3.a purchase order 4.cash on accountarrow_forward
- Directions: Provide an analysis for each transaction below then make ajournal entry afterward. Example: x. Rendered catering services on account, P28,240.Analysis: Assets increased. Owner’s Equity increased. Questions Activity Tanauan Institute, Inc. – Senior High School Department Subject: Fundamentals of ABM 1 Topic: Journalizing Session: 8-9 Page | 9Rule: Increases in assets are recorded as debits. Increases in owner’s equity is recorded are credits. Entry: Increases in assets is recorded as debit to cash. Increase in owner’s equity is recorded is recorded as credit to service income. Journal Entry: Dr. Cr.x. Cash 28,240 Service Income 28,240 a. Labausa deposited P165,000 in a bank account in the name of the business. b. Bought a service vehicle from Elpidio Motors for P194,900, paying P25,000 in cash and placing the balance on account. c. Bought catering equipment on account from Quirino Equipment, P28,500. d. Paid rent for the month, P6,200. e. Rendered catering services for…arrow_forwardTest: Second Exam F17 This Question: 1 pt The entry to write off an account receivable under the allowance method will T A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income Click to select your answer Search the web and Windowsarrow_forwardPROBLEM Selected accounts from the ledger of Phillips Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Liability - L Expense - E None of the above - N (b) In the second column, indicate the increase side of each account by inserting Dr. or Cr. Account Type of Account Increase Side (1) Supplies _______ ________ (2) Notes Receivable _______ ________ (3) Fees Earned _______ ________ (4) Drawings _______ ________ (5) Accounts Payable _______ ________ (6) Salaries Expense _______ ________ (7) Capital _______ ________ (8) Accounts Receivable _______ ________ (9) Equipment _______ ________ (10) Notes Payable _______ ________ Calculate the following.…arrow_forward
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