95.
Dividends normally carry a _______ balance and are shown in the ______________.
96.
Expenses normally carry a _______ balance and are shown in the ______________.
97.
Liabilities normally carry a _______ balance and are shown in the ______________.
98.
Which of the following accounts has a debit balance?
99.
Which of the following accounts would normally have a credit balance?
100.
Which of the following accounts would normally have a debit balance?
101.
Which of the following accounts would normally have a debit balance and appear in the
balance sheet?
102.
Which of the following accounts has a credit balance?
103.
An increase to an asset account is shown with a ______________. An increase to a liability
account is shown with a ______________.
104.
An increase to an expense account is shown with a ______________. An increase to a
revenue account is shown with a ______________.
105.
An increase to an asset account is shown with a ______________. A decrease to an asset
account is shown with a ______________.
106.
Which of the accounts are increased with a debit and decreased with a credit?
107.
Consider the following list of accounts:
Cash
Retained Earnings
Service Revenue
Utilities Expense
Salaries Expense
Accounts Receivable
Accounts Payable
Common Stock
Equipment
Dividends
How many of these accounts have a normal debit balance?
108.
Consider the following list of accounts:
Accounts Payable
Cash
Prepaid Rent
Common Stock
Salaries Payable
Equipment
Supplies
Rent Expense
How many of these accounts have a normal credit balance?
109.
Consider the following accounts:
Utilities Expense
Accounts Payable
Service Revenue
Common Stock
How many of these accounts are increased with debits?
110.
Which one of the following accounts will have a credit balance?
111.
Consider the following accounts:
Dividends
Insurance Expense
Cash
Service Revenue
How many of these accounts are increased with credits?
112.
The term commonly used in accounting to describe the format for recording a transaction
is:
113.
Which of the following is the appropriate debit/credit format for recording a business
transaction?
A.
Credit Name
Credit Amount
Debit Name
Debit Amount
B.
Debit Name
Debit Amount
Credit Name
Credit Amount
C.
Debit Name
Debit Amount
Credit Name
Credit Amount
D.
Credit Name
Credit Amount
Debit Name
Debit Amount
114.
The following statements pertain to recording transactions. Which of them are true?
I. Total debits should equal total credits.
II. It is possible to have multiple debits or credits in one journal entry.
III. Assets are always listed first in journal entries.
IV. Some journal entries will have debits only.
115.
Which of the following is not a possible journal entry?
2-53
116.
Providing services on account would be recorded with a:
117.
Xenon Corporation borrows $75,000 from First Bank. Xenon Corporation records this
transaction with a:
118.
Childers Service Company provides services to customers totaling $3,000, for which it
billed the customers. How would the transaction be recorded?
119.
A company received a bill for newspaper advertising services, $400. The bill will be paid in
10 days. How would the transaction be recorded today?
120.
When a company pays utilities of $1,800 in cash, the transaction is recorded as:
121.
Assume that cash is paid for rent to cover the next year. The appropriate debit and credit
are:
122.
Summer Leasing received $12,000 for 24months rent in advance. How should Summer
record this transaction?
123.
Styleson Inc. performed cleaning services for its customers for cash. These transactions
would be recorded as:
124.
Assume that $18,000 cash is paid for insurance to cover the next year. The appropriate
debit and credit are:
125.
Schooner Inc. purchased equipment by signing a note payable. This transaction would be
recorded as:
126.
When a company pays $2,500 dividends to its stockholders, the transaction should be
recorded as:
127.
Daniel Dino Restaurant owes employees’ salaries of $15,000. This would be recorded as:
128.
Jerome purchased a building for his business by signing a note to be repaid over the next
ten years. Which of the following correctly describes how to record this transaction?
129.
Incurring an expense for advertising on account would be recorded by:
130.
Tyler Incorporated receives $150,000 from investors in exchange for shares of its common
stock. Tyler Incorporated records this transaction with a:
131.
The owner of an office building should report rent collected in advance as a debit to Cash
and a credit to: