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Chapter 03 - Analyzing Business Transactions Using T Accounts
70. Which of the following accounts is not a permanent account?
71. The "Net Income" or "Net Loss" is transferred from the income statement to the
72. The normal balance of an account is the
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82. Which of the following would cause the Debit column and the Credit column of the Trial
Balance to be unequal?
Short Answer Questions
Cash
Accounts Receivable
Office Equipment
Office Supplies
Accounts Payable
Brandon Phipps, Capital
Brandon Phipps, Drawing
Fees Income
Rent Expense
Salaries Expense
Utilities Expense
Read each of the following transactions. Determine the accounts to be debited and credited.
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90. The consulting firm of Martin and Associates uses the accounts listed below. On a
separate sheet of paper, set up T accounts for each of the accounts listed and record the
balances on the normal balance side of the accounts.
The firm has the following transactions during the month of December 2013. Record the
effects of these transactions in the T accounts.
a. Paid $1,300 for one month's rent
b. Collected $5,600 in cash from credit customers
c. Performed services for $7,500 in cash
d. Paid $4,800 for salaries
e. Issued a check for $3,400 to a creditor
f. Performed services for $10,200 on credit
g. Purchased office equipment for $1,800 on credit
h. The owner withdrew $3,500 in cash for personal expenses
i. Issued a check for $650 to pay the monthly utility bill
Determine the account balances after the transactions have been recorded. Prepare a trial
balance as of December 31, 2013.
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© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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91. The account balances from the December 31, 2013, trial balance for Haman Accounting
Services are shown below. Prepare an income statement, a statement of owner's equity, and a
balance sheet for the month ended December 31, 2013.
Chapter 03 - Analyzing Business Transactions Using T Accounts
The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.
The following transactions occurred during the month of November.
a. Collected $350 from credit customers
b. Issued a check for $700 for rent
c. Paid $1,900 for salaries
d. The owner withdrew $500 in cash for personal expenses
e. Issued a check for $200 to pay the monthly utility bill
f. Received $2,845 in cash for services performed
g. Purchased office equipment for $1,350 on credit
92. Using the information shown, set up T accounts for all accounts. Determine the balance
for each account after all transactions have been recorded.
