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Exam 15: Analyzing for Business Transactions

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Question 131

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Asset accounts normally have debit balances and revenue accounts normally have credit balances.

A) True
B) False

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Question 132

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Pippa's Paralegal Services completed these transactions in February: a. Purchased office supplies on account, $300. b. Completed work for a client on credit, $500. c. Paid cash for the office supplies purchased in (a). d. Completed work for a client and received $800 cash. e. Received $500 cash for the work described in (b). f. Received $1,000 from a client for paralegal services to be performed in March. Prepare journal entries to record the above transactions. Explanations are not necessary.

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a. Office Supplies 300
Accounts Payable ...

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Question 133

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If a company purchases equipment paying cash, the journal entry to record this transaction will include a debit to Cash.

A balanced trial balance is proof that no errors were made in journalizing transactions, posting to the ledger, and preparing the trial balance.

Review the transactions below and identify with an "X" those that would be posted as a credit in the ledger (The first one has been done for you): __X_1. Salary Payable was increased. ____ 2. Cash was decreased ____ 3. Equipment was increased ____ 4. Common Stock was increased ____ 5. Salaries Expense was increased ____ 6. Accounts Receivable was decreased ____ 7. Unearned Revenue was increased ____ 8. Dividends was increased ____ 9. Supplies was increased ____ 10. Building was increased ____ 11. Utilities Expense was increased ____ 12. Service Revenue was increased

The debt ratio of Company A is .31 and the debt ratio of Company B is .21. Based on this information, an investor can conclude:

The right side of a T-account is a(n) :

Dividends always decrease equity.

On December 3, the ABBJ Company paid $1,400 cash in salaries to office personnel. Prepare the general journal entry to record this transaction.

A ________ gives a complete record of each transaction in one place, and shows debits and credits for each transaction.