Question 1 of 20 0.0/ 5.0 points which entry would record the payment

Question 1 of 20

0.0/ 5.0 Points

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Which entry would record the payment of a utility bill?

[removed] A. Debit Utilities Expense; credit Cash
[removed] B. Debit Cash; credit Utilities Expense
[removed] C. Debit Utilities Expense; credit Accounts Payable
[removed] D. Debit Accounts Receivable; credit Utilities Expense

Question 2 of 20

5.0/ 5.0 Points

A business incurred an expense and paid it immediately. To record this transaction,

[removed] A. an expense is debited, and a liability is credited.
[removed] B. an expense is debited, and an asset is credited.
[removed] C. an expense is debited, and Capital is credited.
[removed] D. None of the above

Question 3 of 20

0.0/ 5.0 Points

The purpose of posting is to

[removed] A. list the transactions in chronological order in the journal.
[removed] B. provide an explanation of the transaction.
[removed] C. update the account balances in the ledger.
[removed] D. correct a previous entry.

Question 4 of 20

0.0/ 5.0 Points

The general journal

[removed] A. is the book of original entry.
[removed] B. is the book of final entry.
[removed] C. contains account balances.
[removed] D. is completed after the general ledger.

Question 5 of 20

0.0/ 5.0 Points

The first step of the accounting cycle is to

[removed] A. record journal entries.
[removed] B. post to the ledger.
[removed] C. prepare a trial balance.
[removed] D. analyze business transactions.

Question 6 of 20

0.0/ 5.0 Points

A business provided services to a cash customer. To record this transaction,

[removed] A. an asset is debited, and a liability is credited.
[removed] B. an asset is debited, and a revenue is credited.
[removed] C. an expense is debited, and Capital is credited.
[removed] D. None of the above

Question 7 of 20

0.0/ 5.0 Points

Business transactions are first recorded in the

[removed] A. ledger.
[removed] B. journal.
[removed] C. trial balance.
[removed] D. balance sheet.

Question 8 of 20

5.0/ 5.0 Points

Which of the following is not a financial statement?

[removed] A. Balance sheet
[removed] B. Income statement
[removed] C. Statement of owner’s equity
[removed] D. Trial balance

Question 9 of 20

0.0/ 5.0 Points

Which entry records the owner’s taking cash for personal use?

[removed] A. Debit Wage Expense; credit Cash
[removed] B. Debit Capital; credit Cash
[removed] C. No entry is necessary because the owner owns the cash and the entire business.
[removed] D. Debit Withdrawals; credit Cash

Question 10 of 20

0.0/ 5.0 Points

Posting is performed by transferring information from the journal to the

[removed] A. ledger.
[removed] B. trial balance.
[removed] C. balance sheet.
[removed] D. income statement.

Question 11 of 20

0.0/ 5.0 Points

The posting reference column in the ledger is

[removed] A. used to record the journal and page number the transactions originated.
[removed] B. used to record the ledger number.
[removed] C. used to record the date.
[removed] D. not used.

Question 12 of 20

0.0/ 5.0 Points

An account that would be increased by a debit is

[removed] A. cash.
[removed] B. fees earned.
[removed] C. capital.
[removed] D. accounts payable.

Question 13 of 20

0.0/ 5.0 Points

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

Cash	$1,000
Equipment	500
Accounts Payable	350
Capital	900
Service Fees	1,000
Salaries Expense	750

[removed] A. $3,250 debit, $3,250 credit
[removed] B. $1,125 debit, $1,125 credit
[removed] C. $4,500 debit, $4,500 credit
[removed] D. $2,250 debit, $2,250 credit

Question 14 of 20

0.0/ 5.0 Points

The process that begins with recording business transactions and includes the completion of the financial statements is the

[removed] A. calendar year.
[removed] B. natural business year.
[removed] C. fiscal year.
[removed] D. accounting cycle.

Question 15 of 20

5.0/ 5.0 Points

Which of the following groups of accounts have a normal credit balance?

[removed] A. Revenue, liabilities, and capital
[removed] B. Assets, capital, and withdrawals
[removed] C. Liabilities, expenses, and assets
[removed] D. Assets, expenses, and withdrawals

Question 16 of 20

0.0/ 5.0 Points

During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?

[removed] A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000
[removed] B. Accounts Payable, debit $11,000; Cash, credit $11,000
[removed] C. Cash, debit $11,000; Revenue, credit $11,000
[removed] D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000

Question 17 of 20

0.0/ 5.0 Points

Which error would cause the trial balance to be out of balance?

[removed] A. An entry is posted twice.
[removed] B. An entry isn’t posted at all.
[removed] C. A debit is entered as $200, and a credit is entered at $2,000.
[removed] D. None of the above

Question 18 of 20

0.0/ 5.0 Points

Which of the following is prepared first?

[removed] A. Balance sheet
[removed] B. Income statement
[removed] C. Statement of owner’s equity
[removed] D. Trial balance

Question 19 of 20

0.0/ 5.0 Points

Revenue is traditionally recognized in the accounting records when

[removed] A. cash is received.
[removed] B. services are rendered.
[removed] C. it’s incurred.
[removed] D. None of the above

Question 20 of 20

0.0/ 5.0 Points

A list of all the accounts from the ledger with their ending balances is called a

[removed] A. normal balance.
[removed] B. trial balance.
[removed] C. chart of accounts.
[removed] D. footing.

Question 1 of 20 0.0/ 5.0 points which entry would record the payment

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