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Question 1 of 8
Of the following account types, which would be increased by a debit?
Question 2 of 8
The following comments all relate to the recording process. Which of these statements is correct?
Question 3 of 8
The following comments each relate to the recording of journal entries. Which statement is true?
Question 4 of 8
Failure to record the receipt of a utility bill for services already received will result in:
Question 5 of 8
The proper journal entry to record Ransom Company’s billing of clients for $500 of services rendered is:
Cash 500
Accounts Receivable 500
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Accounts Receivable 500
Capital Stock 500
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Accounts Receivable 500
Service Revenue 500
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Cash 500
Service Revenue 500
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Question 6 of 8
The proper journal entry to record $1,000 of Dividends paid by Myer’s Corporation is:
Dividends 1,000
Cash 1,000
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Accounts Payable 1,000
Cash 1,000
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Dividends Expense 1,000
Cash 1,000
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Dividends Expense 1,000
Service Revenue 1,000
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Question 7 of 8
Lynn Lipincott invested land valued at $5,000 in her business. This transaction would be recorded by:
Cash 5,000
Capital Stock 5,000
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Land 5,000
Capital Stock 5,000
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Land 5,000
Service Revenue 5,000
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Capital Stock 5,000
Land 5,000
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Question 8 of 8
The trial balance:
