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Exam 2: Debits and Credits: Analyzing and Recording Business Transactions

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Question 71

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Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? $\begin{array} { l | r } \hline \text { Cash } & \$ 500 \\\hline \text { Accounts Receivable } & 100 \\\hline \text { Capital } & 200 \\\hline \text { Withdrawals } & 100 \\\hline \text { Service Fees } & 700 \\\hline \text { Rent Expense } & 200 \\\hline\end{array}$

A) $800 debit, $1,000 credit
B) $800 debit, $800 credit
C) $1,000 debit, $1,000 credit
D) $900 debit, $900 credit

E) B) and C)
F) B) and D)

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Question 72

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Cash would be affected by any transaction that involves a withdrawal.

A) True
B) False

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Question 73

Multiple Choice

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An asset would be debited and a liability credited if

Number the following types of accounts (1-6) as they would appear on the Trial Balance. ________ Assets ________ Capital ________ Revenue ________ Liabilities ________ Withdrawals ________ Expenses

Which type of account would NOT be reported on the balance sheet?

Cash had a normal starting balance of $600. There were debit postings of $200 and credit postings of $300 during the month. The ending balance is

An accounting device used to record increases and decreases in individual assets, liabilities, capital, revenue, expenses, and withdrawals is a(n)

Explain the difference between expenses and withdrawals.

The normal balance of an account is

A trial balance is a formal report prepared after the balance sheet.

Accounts Payable would appear on which financial statement?

Which of the following statements is NOT true?

A debit to an asset account was posted to an expense account. This error would cause

Which of the following is NOT a financial statement?

The Accounts Payable account has a zero opening balance, total debit postings of $800 and credit postings of $1,400. The balance is

When preparing a trial balance, it is not necessary to use dollar signs.

The credit side is always the right side of the account.

Identify the normal balance for each of the following accounts by using a Dr. (debit) or a Cr. (credit). ________ 1. Salaries Expense ________ 2. R. Johns, Withdrawals ________ 3. R. Johns, Capital ________ 4. Accounting Fees ________ 5. Cash ________ 6. Accounts Receivable ________ 7. Accounts Payable ________ 8. Rent Expense ________ 9. Equipment ________ 10. Advertising Expense

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? $\begin{array}{l}\begin{array} {| l | l | } \hline \text {Cash}&\$1,200 \\\hline \text {Accounts Receivable}&700\\\hline \text {Capital}&1,900\\\hline \text {Withdrawals}&500\\\hline \text {Service Fees }&1,000\\\hline \text {Rent Expense}&500\\\hline\end{array}\end{array}$

A liability would be credited and an expense debited if