Match the items below by entering the appropriate code letter in the space provided.
1> An entry that involves three or more accounts.
2> Transferring journal entries to ledger accounts.
3> The side which increases an account.
4> A list of all the accounts used by an enterprise.
5> A record of increases and decreases in specific assets, liabilities, and stockholdersl
items.
6> Left side of an account.
7> An entry that involves only two accounts.
8> A book of original entry.
9> A list of accounts and their balances at a given time.
10> Has a credit normal balance
Answer:
Prepare a trial balance from the ledger accounts of Black Diamond Express as of
January 31, 2015.
Answer:
In a manufacturing company, goods that are ready to be sold to customers are referred
to as ________________, whereas in a merchandising company they are generally
referred to as _______________.
Answer:
A note payable must always be paid before an account payable.
Answer:
Blue Guitar Music School borrowed $30,000 from the bank signing an 8%, 6-month
note on November 1. Principal and interest are payable to the bank on May 1. If the
company prepares monthly financial statements, what adjusting entry should the
company make at November 30 with regard to the note (round answer to the nearest
dollar)?
Answer:
Reck Company receives a $15,000, 3-month, 8% promissory note from Fey Company
in settlement of an open accounts receivable. What entry will Reck Company make
upon receiving the note?
Answer: