Indicate the answer choice that best completes the statement or answers the question. (Multiple choice questions worth 5 points each)

1.The standard T account includes all of the following EXCEPT

a.

a credit side.

b.

a debit side.

c.

a title.

d.

the current date.

2.Asset and expense accounts normally have

a.

credit balances.

b.

large balances.

c.

debit balances.

d.

negative balances.

3.Accounts that affect owner's equity are

a.

assets, capital, and revenue.

b.

capital, liabilities, and expenses.

c.

expenses, capital, and revenue.

d.

drawing, assets, and liabilities.

4.A debit

a.

is on the left side.

b.

decreases assets.

c.

increases liabilities.

d.

increases owner's equity.

5.The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called

a.

single-entry accounting.

b.

compound-entry accounting.

c.

multiple-entry accounting.

d.

double-entry accounting.

Enter the appropriate word(s) to complete the statement.

6.The normal balance for an expense account would be on the ____________________ side.

7.To increase a revenue account will require a(n) ____________________ to the account.

8.To ____________________ an account means to enter an amount on the right side of the account.

9.The ____________________ is shown on the third line of the trial balance heading.

10.The total dollar amounts on the debit and credit sides of a T account are known as ____________________.

11. Record the following transactions in the T accounts below. Indicate next to each entry the number for that transaction. After all transactions have been recorded, foot the accounts where necessary and enter the balances in the proper places. help me Prepare a trial balance for Douglas Distinctive Services as of December 31, 20--.

a)Mr. Douglas invested $25,000 cash in the business.

b)Purchased equipment worth $7,000 with a $500 down payment. The remainder is due in 30 days.

c)Paid $900 cash for a six-month insurance policy.

d)Received $3,000 cash from customers for services rendered.

e)Paid wages, $1,750.

f)Received and paid advertising bill of $100.

g)Performed services worth $2,500 for credit customers.

h)Received $1,700 cash from customers previously billed on account.

i)Mr. Douglas withdrew $5,300 cash for personal use.

j)Paid utility bill, $205.

Cash

Accounts Receivable

Prepaid Insurance

Equipment

Accounts Payable

Douglas, Capital

Douglas, Drawing

Repair Fees

Wages Expense

Advertising Expense

Utilities Expense

Account

Debit

Balance

Credit

Balance

Use the following Trial Balance Information for Juniper Accounting firm to complete an Income Statement, Statement of Owners Equity and Balance Sheet for month ended January 31, 2019.

Cash $7,200

Accounts Receivable $2,100

Office Equipment $1,000

Accounts Payable $500

Jay Smith, Capital $6,200

Jay Smith, Withdrawal $100

Professional Fees $5,000

Wage Expense $700

Rent Expense $400

Utilities Expense $200

Asset = Liabilities + Owner Equity Trial Balance Account Name Debit Credit Debit Credits Debit Credits Debit Credits Capital Professional Services + - + - - + Debit Credits Debit Credits - + - + Office Supp Drawing Rent Expenses Debit Credits Debit Credits Debit Credits + - + - + - 0 0 0 Debit Credits Debit Credits + - + - Utilities Expense Debit Credits + - Income Statement Statement of Owners Equity Balance Sheet For Month Ended January 31, 20XX For Month Ended January 31, 20XX January 31. 20xx Revnues: Assets Liabilities Fees Earned A/P Expenses:

Net Income Owners Equity Less Withdrawals

Increase in Capital Total Assets Total L + OE 0 Total Expenses - Net Income 0