Chapter Two Practice Quiz Flashcards Preview

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Flashcards in Chapter Two Practice Quiz Deck (17)
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1

A summary of the ledger that lists the accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(an):

trial balance

2

In which of the following situations would the trial balance not balance?
-A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash
-The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350
-$50 cash receipt for the performance of a service was not recorded
-The purchase of office equipment for $1,200 was posted as a debit to Office Supplies
-The payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750

The payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750

3

The process of copying journal information to update ledger account balances is:

Posting

4

Received cash in advance for appraising an office building - choose the account to be debited

Cash

5

Received cash in advance for appraising an office building - choose the account to be credited

Unearned Appraisal Fees

6

Purchased office supplies on credit. Choose the account to be debited.

Office Supplies

7

Purchased office supplies on credit. Choose the account to be credited.

Accounts Payable

8

Paid a cash dividend. Choose the account to be debited.

Dividends

9

Paid a cash dividend. Choose the account to be credited.

Cash

10

Received the telephone bill of the business and immdeiately paid it. Choose the account to be debited.

Telephone Expense

11

Received the telephone bill of the business and immdeiately paid it. Choose the account to be credited.

Cash

12

Paid the salary of the office assistant. Choose the account to be debited.

Salaries Expense

13

Paid the salary of the office assistant. Choose the account to be credited.

Cash

14

Paid for the supplies purchased in transaction 3. Choose the account to be debited.

Accounts Payable

15

Paid for the supplies purchased in transaction 3. Choose the account to be credited.

Cash

16

Completed an appraisal for a client and immediately collected cash for the work done. Enter the account to be debited

Cash

17

Completed an appraisal for a client and immediately collected cash for the work done. Enter the account to be credited

Appraisal Fees Earned