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Exam 2: Analyzing Transactions

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Question 51

Multiple Choice

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$\begin{array}{|l|l|l|l|l|l|}\hline \text { March } & 6 & \text { Cash } & & 2,500 & \\\hline && \text { Uneamed Fees } & & &2,500 \\\hline & &\text { ?????????? } & & & \\\hline\\\hline\end{array}$ What is the best explanation for this journal entry?

A) Received cash for services performed
B) Received cash for services to be performed in the future.
C) Paid cash in advance for services to be done.
D) Paid cash for services to be performed.

E) All of the above
F) B) and C)

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Question 52

Multiple Choice

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Which are the parts of the T account?

A) title, date, total
B) date, debit side, credit side
C) title, debit side, credit side
D) title, debit side, total

E) A) and B)
F) A) and C)

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Question 53

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On November 10th, JumpStart Co. provides $2,900 in services to clients. At the time of service, the clients paid $600.00 in cash and put the balance on account. (a) Journalize this event. (b) On November 20th, JumpStart Co. clients paid an additional $900 on their accounts due. Journalize this event. (c) Calculate the amount of accounts receivable on November 30th.

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.

Which of the following entries records the receipt of cash from patients on account?

Joshua Scott invests $40,000 into his new business. How would the journal entry for this transaction be entered in the journal? $\begin{array} { l c c} \text { A. Cash } & 40,000 \\\quad \text { Joshua Scott, Capital } & &40,000 \\\quad \text { Invested cash in business } & \\\text { B. Cash } & 40,000 \\\text { Joshua Scott, Capital } && 40,000 \\\quad \text { Invested cash in business } & \\\text { C. Joshua Scott, Capital } & 40,000 \\\quad \text { Cash } & &40,000 \\\quad \text { Invested cash in business } & \\\text { D. Joshua Scott, Loan } & 40,000 \\\text { Cash } && 40,000 \\\quad \text { Invested cash in business } &\end{array}$

The chart of accounts classify the accounts to make identification of the accounts easier. Discuss how companies set up their chart of accounts for use in their business

Prepaid expenses are an example of an expense.

If the two totals of a trial balance are not equal, it could be due to

Posting a transaction twice will cause the trial balance totals to be equal.

The bookkeeper for Brockton Industries prepared the following journal entries and posted the entries to the general ledger as indicated in the T accounts presented. Assume that the dollar amounts and the descriptions of the entries are correct. Journal entries: Required: If you assume that all journal entries have been recorded correctly, use the above information to: (1) Identify the postings to the general ledger that were made incorrectly. (2) Describe how the each incorrect posting should have been made.

A patient has a physical examination and asks the bookkeeper to mail the bill. The bookkeeper should

Once journal entries are posted to accounts, each account will show a new balance after each entry.

Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.

Accounts in the ledger are usually maintained in alphabetical order.

Answer the following questions for each of the errors listed below, considered individually: Present your answers in columnar form, using the following headings: Errors:

Transactions are initially entered into a record called a journal.

The post reference notation used in the ledger is the account number.