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college accounting a contemporary approach 5th edition

Questions and Answers of College Accounting A Contemporary Approach 5th Edition

What is revenue?
What are expenses?
How is net income or net loss determined?
Increases are recorded on which side of asset, liability, and owner’s equity accounts?a. Credit, debit, debit respectivelyb. Credit, credit, credit respectivelyc. Debit, credit, credit
What is the increase side for Cash; Accounts Payable; and Trayton Eli, Capital?a. Right, left, right respectivelyb. Left, left, left respectivelyc. Left, right, right respectivelyd. Right, right,
What are accounts?
Johnson Cleaning Service has the following account balances on December 31, 20X1. Set up a T account for each account and enter the balance on the proper side of the account. Cash Equipment $
At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get
Gloria’s Fabrics is a large fabric provider to the general public. The accounting office has three employees: accounts receivable clerk, accounts payable clerk, and a bookkeeper who manages the
The sum of several entries on either side of an account that is entered in small pencil figures is a:a. Calculation.b. Summation.c. Footing.d. Balance.
An error in which the digits of a number are switched—for example, 571 is recorded as 517—is an example of a:a. Switch.b. Summation.c. Slide.d. Transposition.
Haden Fry decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) Determine which two accounts are affected (2) Set up T accounts for the
The following transactions took place at Willis Counseling Services, a business established by Raymond Willis.INSTRUCTIONSFor each transaction, set up T accounts from this list: Cash; Office
The following transactions took place at Aircraft Maintenance Company.INSTRUCTIONSFor each transaction, set up T accounts from the following list: Cash; Shop Equipment; Store Equipment; Truck;
Annual reports released by publicly held companies include a letter to the stockholders written by the chief executive officer, chairman of the board, or president.Analyze Online: Locate the
The normal balance of an account is the:a. Decrease side of the account.b. Increase side of the account.c. The difference between the left side and right side of an account.d. The difference between
An error in which the decimal point is misplaced— for example, when 317 is written as 3.17—is an example of a:a. Slide.b. Transposition.c. Switch.d. Summation.
Indicate whether each of the following accounts normally has a debit balance or a credit balance:1. Cash2. Blaine Brownell, Capital3. Fee Income4. Accounts Payable5. Supplies6. Equipment7. Accounts
In each of the following sentences, fill in the blanks with the word debit or credit: 1. Revenue accounts normally have ? side and decrease on the ? side. 2. Liability accounts normally have ? side
The normal balance side for asset, liability, and owner’s equity accounts is:a. Left, left, right respectively.b. Left, right, right respectively.c. Right, right, left respectively.d. Right, right,
The trial balance includes all of the following except:a. List of all accounts.b. Balances of all accounts.c. Equality of debits and credits.d. Income or loss for the period.
The Richey Company purchased new equipment for $40,400 from Office Supplies, Inc., to be paid in 30 days. Which of the following is correct?a. Equipment is increased by $40,400; Accounts Payable is
Which account has a normal debit balance?a. Accounts Payableb. Jeffery Wells, Drawingc. Jeffery Wells, Capitald. Fees Income
Errors in the Parker Interiors trial balance include all items below except:a. C. Parker, Drawing should be debited.b. Fees Income should be credited.c. Total debits and total credits should equal
The part of the journal entry to be recorded first is the:a. Asset.b. Credit.c. Debit.d. Liability.
Posting references are made in ledger accounts and in the journal to:a. Indicate the entry has been posted.b. Ensure against posting the same information twice.c. Both a and b are correct.d. Neither
What is the purpose of a journal?
A general journal is like a(n):a. Address book.b. Appointment calendar.c. Diary.d. To-do list.
If a journal entry that contains an error has been posted, erase the entry and change the posting in the ledger accounts.a. Trueb. False
Checks and invoice numbers are included in the journal entry description to:a. Validate the transaction.b. Provide an audit trail.c. Trace information through the accounting system.d. Both b and c
What is a ledger?
Once an incorrect journal entry has been posted, the incorrect amounts remain in the general ledger accounts.a. Trueb. False
The journal is referred to as the:a. Record of final entry.b. Record of original entry.c. Record of permanent entry.d. Record of temporary entry.
What is entered in the Posting Reference column of the general journal?a. The ledger account numberb. The date of the transactionc. The amount of the transactiond. A description of the transaction
The trial balance of Lazo Company as of February 28, 20X1, appears below.INSTRUCTIONS1. Record the trial balance in the Trial Balance section of the worksheet.2. Complete the worksheet by making the
The worksheet is a tool that aids in the preparation of the financial statements. Any changes in account balances recorded on the worksheet are not shown in the general journal and the general ledger
The general journal organizes accounting information in:a. Account order.b. Alphabetical order.c. Date order.d. Chronological order.
Which of the reasons reflected below is the most accurate for including descriptions when making journal entries?a. The audit trail will be more difficult to follow.b. They eliminate the need for
The general ledger organizes accounting information in:a. Account order.b. Alphabetical order.c. Date order.d. Chronological order.
The second step in the accounting cycle is to:a. Provide a description of the transaction.b. Analyze the transaction.c. Journalize the transaction.d. Post the transaction.
What is a compound journal entry?
Determine the necessary end-of-June adjustments for Conner Company.1. On June 1, 20X1, Conner Company, a new firm, paid $16,800 rent in advance for a seven-month period. The $16,800 was debited to
The trial balance of Ortiz Company as of January 31, 20X1, after the company completed the first month of operations, is shown in the partial worksheet below.INSTRUCTIONSComplete the worksheet by
Adjusting entries are:a. Journal entries made to correct accounts for previous errors in recording transactions.b. Journal entries made to update accounts for previously unrecorded items.c. Journal
Prepaid expenses are adjusted at the end of the accounting period in order to:a. Properly reflect the remaining cost of the asset available for use by the business.b. Properly reflect the portion of
All of the following amounts appear on the statement of owner’s equity except:a. Net income or net loss for the period.b. Additional investments by the owner for the period.c. The fair market value
DuPont reported depreciation expense of $1,308 million on its consolidated financial statements for the period ended December 31, 2018. The following excerpt is taken from the company’s
A firm purchases machinery, which has an estimated useful life of 10 years and no salvage value, for $60,000 at the beginning of the accounting period. What is the adjusting entry for depreciation at
What are prepaid expenses? Give four examples.
How does the straight-line method of depreciation work?
Paxton Office Supply Company purchased equipment for $80,000. Depreciation Expense for the month is $1,600. What is the balance of the Equipment account after posting the depreciation entry?a.
Three years ago, Overnight Delivery bought a delivery truck for $80,000. The truck has no salvage value and a five-year useful life. What is the book value of the truck at the end of three years?a.
On a worksheet, the adjusted balance of the Supplies account is extended to the:a. Balance sheet debit column.b. Balance sheet credit column.c. Income statement credit column.d. Income statement
On January 1, a firm paid $42,000 for six months’ rent, January through June. What is the adjustment for rent expense at the end of January?a. Rent Expense is debited for $42,000 and Prepaid Rent
What three amounts are reported on the balance sheet for a long-term asset such as equipment?
Accumulated Depreciation—Equipment is a(n):a. Contra asset account.b. Contra liability account.c. Liability account.d. Asset account.
Edward Foster is a building contractor. He and his customer have agreed that he will submit a bill to them when he is 25 percent complete, 50 percent complete, 75 percent complete, and 100 percent
A firm paid $9,000 for supplies during the accounting period. At the end of the accounting period, the firm had $5,800 of supplies on hand. What adjustment is entered on the worksheet?a. Supplies is
Assume that a firm reports net income of $135,000 prior to making adjusting entries for the following items: expired rent, $10,500; depreciation expense, $12,300; and supplies used, $5,400. Assume
On the report form balance sheet, the liabilities and owner’s equity are listed to the right of the assets. On the account form, the liabilities and owner’s equity are listed under the assets.a.
The completed worksheet for JP’s Accounting Services for the month ended December 31, 20X1, appears on shown below.INSTRUCTIONS1. Prepare an income statement.2. Prepare a statement of owner’s

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