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Accounting Chapter 2

End-of-Chapter Quiz Questions

QuestionAnswer
A debit entry to an account increases: Assets
Which account types normally have a credit balance? Revenues and Liabilities
An attorney performs services of $900 for a client and receives $100 cash with the remainder on account. The journal entry for this transaction would: debit Cash, debit Accounts Receivable, credit Service Revenue
Accounts payable had a normal beginning balance of $1,600. During the period, there were debit postings of $300 and credit postings of $900. What was the ending balance? $2,200 ($1,600 + 900 - 300)
The list of all accounts with their balances is the: Trial Balance
The basic summary device of accounting is the: Account
The beginning Cash balance was $9,000. At the end of the period, the balance was $11,000. If total cash paid out during the period was $25,000, the amount of cash receipts was: $27,000 ($9,000 - x - 25,000 = 11,000; x = 27,000)
A debit entry is recorded on the left side of a T-account in which accounting system? Double-Entry Accounting System
Which accounts appear on the Balance Sheet? Cash, Receivables, Payables
Which accounts appear on the Income Statement? Revenues, Expenses
A doctor purchases medical supplies of $760 and pays $380 cash with the remainder on account. The journal entry for this transaction would be? Supplies Accounts Payable Cash
What is the correct sequence for recording transactions and preparing financial statements? Journal, Ledger, Trial Balance, Financial Statements
The error of posting $300 as $30 can be detected by: Dividing the out-of-balance amount by 9
Created by: 1482116593