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Exam 3: Analyzing Business Transactions Using T Accounts

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Question 21

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Another name for the profit and loss statement is the ________.

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Question 22

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The normal balance of a liability account is on the debit side.

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B) False

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Question 23

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Revenue and expense accounts are called____________ accounts.

When revenue is earned from charge account sales, the accountant:

The error that occurs when the number $272.00 is written as $27.20 is called a(n)________ error.

The right side of an account is referred to as the ________ side of an account.

A(n)____________ account is used to record increases in owner's equity from the sale of goods or services.

The increase side of an account represents the____________ balance of the account.

The balances for the accounts listed below appear in the trial balance of Bubbles, Inc. Identify whether each balance would appear on the Income Statement (IS), the Balance Sheet (BS)or the Statement of Owner's Equity (OE), by entering the appropriate letters in the spaces below. (There is only one correct answer for each) (1) Salaries Expense______ $\quad$$\quad$$\quad$ (6) T. Bubbles, Drawing______ (2) Fees Income______ $\quad$$\quad$$\quad$$\quad$$\quad$ (7) Prepaid Rent______ (3) Accounts Receivable______ $\quad$$\quad$ (8) Cash______ (4) Utilities Expense______ $\quad$$\quad$$\quad$ (9) Omice Supplies______ (5) Accounts Payable______ $\quad$$\quad$$\quad$ (10) Equipment______

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

When charge customers pay cash to apply against their accounts, the amount is recorded:

The accounts with their respective balances for Dom's Delivery Service as of June 1 are given below. All accounts have normal balances. Dom's had the following transactions during the month of June. a. Paid rent for June, $1,200 b. Dominic Goggin withdrew $5,800 from the business for personal use c. Performed services for $5,350 in cash d. Performed services for $21,800 on credit e. Received $12,400 from credit customers on account f. Paid the administrative assistant salary of $2,000 and delivery service messenger/driver salary of $3,000 for the month g. Paid the electric and phone bills for a total of $580 h. Paid creditors $6,000 on account i. Purchased $3,500 in supplies on account. j. Paid $2,500 cash for advertising in the local newspaper in June -Using the information shown, create a Chart of Accounts with appropriate account numbers for the accounts given for Dom's Delivery Service.

If assets are numbered from 100-199, which of the following accounts would not be given a number in the 100 series?

The balances for the accounts listed below appear in the trial balance of Bubbles, Inc. Identify whether each balance would appear on: ( Note: There is only one correct answer for each)

The normal balance of an account is the:

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 November's 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 -Using the information shown, prepare an income statement, statement of owner's equity, and balance sheet for Paw Prints Pet Sitters for the month ended November 30, 2019.

Revenue is a component of owner's equity.

The account balances from the December 31, 2019, 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, 2019. HAMAN ACCOUNTING Trial Balance December 31, 2019 39

The account Moriah Paige, Capital, would appear on both the Statement of Owner's Equity and the ________.

On a statement of owner's equity, beginning capital is $152,000, Drawing for the year is $65,000, and the ending capital is $191,000. What is the amount of Net Income for the year?