testbankcollege.eutestbankcollege.eu/sample/...for...edition-palmer.docx · web viewthe accounts...
TRANSCRIPT
![Page 1: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/1.jpg)
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)
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The left side of a T-account:
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1)
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_______ A)
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is the debit side. B)
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is used to decrease assets. C)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
is the credit side. D)
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is used to increase all accounts. E)
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is used to increase liabilities.
2)
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A ledger is
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2)
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_______ A)
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a group of accounts. B)
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another name for a balance sheet. C)
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a statement that summarizes total assets, total liabilities and total equity. D)
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where transactions are initially recorded. E)
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a financial statement.
3)
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Double-entry accounting
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3)
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_______ A)
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allows only two accounts to be used in any given transaction. B)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
requires entries to be posted to the general ledger. C)
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is another name for a trial balance. D)
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requires that debits equal credits for every transaction. E)
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requires entries to be recorded twice.
4)
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The new balance in an account:
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4)
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_______ A)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
is based only on the last transaction entered into the account. B)
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is placed on the side of the account with the highest total. C)
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is calculated by adding all numbers together to get a total. D)
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is calculated by ignoring any opening balance in the account. E)
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is calculated by adding the debit side and adding the credit side and entering the difference on the debit side.
5)
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A trial balance:
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5)
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_______ A)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
lists all the balance sheet accounts in alphabetical order. B)
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ensures that the correct dollar value is used in each transaction. C)
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identifies errors made in recording transactions. D)
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proves that the correct account has been debited and credited. E)
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proves the mathematical accuracy of calculations.
6)
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A Credit:
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6)
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_______ A)
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refers to the left side of an account. B)
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means that the company has a $10,000 credit line. C)
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can be used only once in any transaction. D)
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is used to increase an asset. E)
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refers to the right side of an account.
7)
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When an owner invests cash into the business, the entry would debit the ________ account and credit the ________ account.
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7)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
_______ A)
![Page 53: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/53.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
capital, cash B)
![Page 54: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/54.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash, accounts receivable C)
![Page 55: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/55.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
drawings, cash D)
![Page 56: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/56.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash, capital E)
![Page 57: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/57.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash, drawings
8)
![Page 58: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/58.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When a company purchases office supplies on account, the entry would be a debit to the ________ account and a credit to the ________ account.
![Page 59: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/59.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
8)
![Page 60: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/60.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
_______ A)
![Page 61: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/61.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash, office supplies B)
![Page 62: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/62.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
office supplies, accounts payable C)
![Page 63: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/63.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
account receivable, office supplies D)
![Page 64: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/64.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
office supplies, capital E)
![Page 65: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/65.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
office supplies, cash
9)
![Page 66: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/66.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When a company receives cash from a customer on account, the transaction would include a debit to:
![Page 67: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/67.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
9)
![Page 68: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/68.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
_______ A)
![Page 69: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/69.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
accounts receivable. B)
![Page 70: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/70.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
capital. C)
![Page 71: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/71.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash. D)
![Page 72: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/72.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
sales. E)
![Page 73: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/73.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
accounts payable.
10)
![Page 74: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/74.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When a company pays for goods previously purchased on account, the entry would require a debit to the ________ account and a credit to the ________ account.
![Page 75: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/75.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
10)
![Page 76: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/76.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 77: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/77.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash, account payable B)
![Page 78: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/78.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
account payable, cash C)
![Page 79: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/79.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
account receivable, cash D)
![Page 80: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/80.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash, account receivable E)
![Page 81: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/81.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
account receivable, account payable
11)
![Page 82: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/82.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The financial statement that reports assets, liabilities and owner's equity is the:
![Page 83: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/83.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
11)
![Page 84: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/84.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 85: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/85.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
general ledger. B)
![Page 86: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/86.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
statement of cash flows. C)
![Page 87: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/87.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
balance sheet. D)
![Page 88: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/88.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
income statement. E)
![Page 89: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/89.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
trial balance.
12)
![Page 90: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/90.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
A list of all accounts and their balances used to prove mathematical accuracy of calculations is called a:
![Page 91: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/91.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
12)
![Page 92: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/92.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 93: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/93.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
a T-account. B)
![Page 94: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/94.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Trial Balance. C)
![Page 95: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/95.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
a Balance Sheet. D)
![Page 96: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/96.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
a journal. E)
![Page 97: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/97.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
a ledger.
13)
![Page 98: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/98.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Initially entering the name and opening balance of an individual account is known as:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
13)
![Page 100: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/100.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 101: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/101.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
opening the liability. B)
![Page 102: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/102.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
listing the accounts. C)
![Page 103: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/103.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
completing a trial balance. D)
![Page 104: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/104.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
organizing the ledger. E)
![Page 105: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/105.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
opening the ledger.
14)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Which of the following statements about an account is true?
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
14)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The account shows individual records of assets, liabilities and owner's equity. B)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The right side of the account is the increase side. C)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The left side of the account is the increase side. D)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
There is only one account for owner's equity. E)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The right side of the account is the debit side.
15)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
A ledger:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
15)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
is not required in accounting. B)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
does not contain any transactions. C)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
is similar to a T-account. D)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
contains only asset and equity accounts. E)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
lists accounts in alphabetical order.
16)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
A trial balance will not balance if:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
16)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
double entry recording is done. B)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
a $100 payment for supplies is debited to Supplies for $100 and credited to Cash for $10. C)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
a $100 receipt of cash is debited to Cash for $100 and credited to Accounts receivable for $100. D)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
correct entries are posted twice. E)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
debits equal credits for every transaction.
17)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
If assets total $50,000 and liabilities total $30,000, then owner's equity will total:
![Page 131: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/131.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
17)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 133: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/133.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
$80,000. B)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
$50,000. C)
![Page 135: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/135.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
$30,000. D)
![Page 136: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/136.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
$20,000. E)
![Page 137: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/137.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cannot be calculated from the information provided.
18)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
In preparing the balance sheet, the following account should appear under the Equity section:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
18)
![Page 140: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/140.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 141: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/141.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
capital B)
![Page 142: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/142.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
supplies C)
![Page 143: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/143.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
accounts payable D)
![Page 144: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/144.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
equipment E)
![Page 145: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/145.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash
19)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
In preparing the balance sheet, the following account should appear under the Liability section:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
19)
![Page 148: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/148.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 149: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/149.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cash B)
![Page 150: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/150.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
capital C)
![Page 151: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/151.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
accounts receivable D)
![Page 152: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/152.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
supplies E)
![Page 153: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/153.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
accounts payable
20)
![Page 154: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/154.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The accounting equation is:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
20)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
![Page 157: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/157.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
not a mathematical equation. B)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Equity = Assets + Liabilities. C)
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used to determine individual account balances. D)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Assets = Liabilities - Equity. E)
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the basis of the balance sheet.
21)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The following accounts appear on a trial balance: Accounts receivable, $2,200; Accounts payable, $900; Bank loan, $1,600; Cash, $2,600; Land, $115,000. The only account missing is Owner's Equity. Its balance must be:
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21)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
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$122,300. B)
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$0. C)
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$114,880. D)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
$117,300. E)
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can't be calculated from the information given.
22)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The following accounts appear on a partial trial balance: Accounts receivable, $600; Accounts payable, $400; Bank loan, $900; Cash, $1,100; Land, $45,000; Capital, $40,000. The total in the debit and credit columns for the partial trial balance will be:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
22)
![Page 172: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/172.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
$41,300 debit and $46,700 credit. B)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
$16,700 debit and $41,900 credit. C)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
equal. D)
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$46,700 debit and $41,300 credit. E)
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$41,900 debit and $16,700 credit.
23)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The following accounts appear on a trial balance: Capital, $14,000; Bank loan, $23,000; Land, $41,000; Equipment, $12,500; Office supplies, $250 and Accounts payable, $8,500. The only account not entered is Cash. The balance of the Cash account must be:
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23)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______ A)
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$8,250. B)
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$1,250 C)
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$1,750. D)
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$2,750. E)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
cannot be calculated with the balances given.
24)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Which of the following transactions will result in debits that do not equal credits:
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24)
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______ A)
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A $2,000 bank loan is debited to Bank loan and credited to Cash. B)
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A payment for supplies is debited to Supplies for $100 and credited to Cash for $100. C)
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A $2,000 bank loan is credited to Bank loan and credited to Cash. D)
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A receipt of $150 cash is debited to Cash and credited to Accounts receivable. E)
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A payment for supplies is debited to Supplies for $125 and debited to Cash for $125.
25)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Which of the following transactions will result in debits that do not equal credits:
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
25)
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______ A)
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A customer pays his outstanding account. The Accounts Receivable account is credited for $1,000 and the Cash account is debited for $1,000.
B)
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A customer pays his outstanding account. The Accounts Payable account is credited for $1,000 and the Cash account is debited for $1,000.
C)
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A payment on account is made for equipment previously purchased. The Cash account is credited for $600 and the Accounts payable account is debited for $600.
D)
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The owner invests $4,000 in the company. The Capital account is credited with $4,000 and Cash is debited with $4,000.
E)
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A customer pays his outstanding account. The Accounts Payable account is debited for $1,000 and the Cash account is debited for $1,000.
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 26)
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Double entry accounting ensures the total of the debit amounts equal the total of the credit amounts for each transaction.
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26)
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______
27)
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The left side of a T-account is the credit side.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
27)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Asset accounts are always increased by debits.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
A Balance Sheet is a list of the ledger account balances.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The bank loan account would normally have a debit balance.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Liability accounts are decreased on the debit side.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When a company purchases office supplies, the office supplies account would be debited.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Debit and credit columns are used on a balance sheet.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When cash is decreased, the cash account would be credited.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Accounts payable represent amounts owed to our vendors and are referred to as an asset account.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When Smith Company pays a creditor cash towards their Accounts Payable, the Accounts Payable account is debited.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When a company buys office supplies on account, the cash account is credited.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The purpose of a trial balance is to make sure you used the correct accounts in the transactions.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
If an owner takes money out of the company for their personal use, Owner's Equity would decrease.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
The Account Balance is the difference between the debit and credit sides of an account.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
______
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
41)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Darvesh Company's cash account has an opening balance of $5,000. During the month, the company receives additional cash of $4,000 and disburses cash of $6,500. Set up a T-account for the cash account, enter the above information, and indicate the ending balance in the account as of the end of the month.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
Hendsbee Delivery Company's accounts payable account has an opening balance of $8,000. During the month, the company buys additional supplies on credit of $4,500 and pays down their liabilities with $2,500 in cash. Set up a T-account for the accounts payable account, enter the above information, and indicate the ending balance as of the end of the month.
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
When Calgary Services prepared a trial balance on October 31, it did not balance. As a result of checking through the recording of transactions, an error was discovered; namely, $650 received from a customer was recorded by a debit to Cash of $65 and a credit to Accounts Receivable of $650. The total of the credit side of the trial balance was $84,109. Answer the following questions regarding the preceding trial balance information. Explain each of your answers fully.
(a) Was the Accounts Receivable account too high, too low or correct?(b) Was the Cash account too high, too low, or correct(c) Was the trial balance credit total of $84,109 too high, too low, or correct(d) What was the amount of the debit total on the unbalanced trial balance?(e) Was this debit total too high, too low, or correct?
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
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When Pubnico Printing prepared a trial balance on October 31, it did not balance. As a result of checking through the recording of transactions, an error was discovered; namely, $550 received from a customer was recorded by a debit to Cash of $55 and a credit to Accounts Receivable of $550. The total of the credit side of the trial balance was $52,225. Answer the following questions regarding the preceding trial balance information. Explain each of your answers fully.
(a) Was the Accounts Receivable account too high, too low or correct?(b) Was the Cash account too high, too low, or correct(c) Was the trial balance credit total of $52,225 too high, too low, or correct(d) What was the amount of the debit total on the unbalanced trial balance?(e) Was this debit total too high, too low, or correct?
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45)
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a) Set up T-accounts and record the balance of all items on the following balance sheet.
Purcell's DeliveryBalance SheetMay 1, 2008
Assets LiabilitiesCash $ 7,000 Accounts payable $ 2,000Accounts receivable 1,600 Bank loan 7,000Office Supplies 900 Total liabilities 9,000Equipment 6,000 Owner's EquityTrucks 17,000 K. Purcell, Capital 23,500
Total Assets $ 32,500Total liabilities and equity $ 32,500
(b) In the T-accounts that you have set up in part (a), record the following transactions:May2 Paid $300 cash on the bank loan.
3 K. Smithers, a customer, paid $650 on his account.3 Bought office supplies for $450 cash from Taylor Stationers.5 Returned defective office supplies to Taylor Stationers for a cash refund of $50.6 K. Purcell, the owner, invested a further $4,000 in the business.6 Borrowed an additional $10,000 from the bank.7 Bought a new truck worth $11,000 from S. K. Motors. Paid $7,000 cash;
the $4,000 balance is to be paid later.
(c) Calculate the new balances in the T-accounts.
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(a) Set up T-accounts for all items on the balance sheet that follows and record the balance of each account.
Singh's Dental ClinicBalance Sheet
October 1, 2008
Assets LiabilitiesCash $ 2,700 Accounts payable $ 14,500Accounts receivable 8,000 Bank loan 9,000Dental Supplies 12,000 Total liabilities 23,500Equipment 30,000 Owner's EquityTrucks 8,000 R. Singh, Capital 37,200Total Assets $ 60,700 Total liabilities and equity $ 60,700
(b) In the T-accounts that you have set up in part (a), record the following transactions:Oct. 2 R. Singh, the owner, invested a further $4,000 in the clinic.
3 Paid $200 cash on the bank loan.3 Bought dental equipment for $3,500 cash.5 Bought dental supplies for $750 from H. L. Laboratories on account.6 Received $300 cash from a patient on his account.6 Borrowed an additional $7,000 from the bank.7 Bought new equipment worth $14,500 from Lintel Equipment.
Paid $8,000 cash; the $6,500 balance is to be paid later.
(c) Calculate the new balances in the T-accounts.
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_____________
47)
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Briefly explain the following:(a) journal(b) debit(c) credit(d) ledger
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48)
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What are the three stages followed in calculating the balance of an account?
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48)
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49)
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Explain the principle of double-entry accounting.
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50)
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Give the rules that apply to the following:(a) recording the opening balance of an account(b) recording the decreases in an account
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51)
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On which side does the owner's capital account decrease? Explain your answer fully.
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_____________
52)
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Place the following procedures in order and provide a brief description of each:(a) Ledger(b) Determine T-account balances(c) Original Balance Sheet(d) New Balance Sheet(e) Transactions(f) Trial Balance
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53)
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How are T-accounts and Ledger Accounts related? How are they different? How are they similar?
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54)
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Explain how a Debit can increase one type of account and decrease another type of account. How does this relate to double-entry accounting?
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_____________
55)
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What is a trial balance and what is its purpose?
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55)
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_____________
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1)
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A 2)
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A 3)
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D 4)
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B 5)
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E 6)
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E 7)
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D 8)
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B 9)
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C 10)
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B 11)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
C 12)
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B 13)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
E 14)
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A 15)
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C 16)
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B 17)
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D 18)
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A 19)
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E 20)
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E 21)
![Page 313: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/313.jpg)
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D 22)
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D 23)
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A 24)
![Page 316: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/316.jpg)
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E 25)
![Page 317: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/317.jpg)
Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
E 26)
![Page 318: testbankcollege.eutestbankcollege.eu/sample/...for...Edition-Palmer.docx · Web viewThe Accounts Receivable account is ... questions regarding the preceding trial balance information](https://reader031.vdocuments.site/reader031/viewer/2022030509/5ab8606c7f8b9a684c8cb8bb/html5/thumbnails/318.jpg)
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TRUE 27)
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FALSE 28)
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TRUE 29)
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TRUE 30)
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FALSE 31)
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TRUE 32)
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TRUE 33)
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FALSE 34)
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TRUE 35)
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FALSE 36)
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FALSE 37)
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FALSE 38)
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FALSE 39)
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TRUE 40)
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TRUE 41)
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Full file at http://TestbankCollege.eu/Test-Bank-Accounting-for-Canadian-Colleges-Fifth-Edition-5th-Edition-Palmer
42)
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43)
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44)
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45)
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46)
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47)
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48)
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49)
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50)
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55)