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Jackson's Catering Company provided cookies worth $3,000 to the local college. The college paid immediately. Record this transaction in Jackson's accounting equation by:

decreasing Cash; increasing Revenues
increasing Cash; increasing Expenses
increasing Cash; increasing Revenues
increasing Supplies; increasing Revenues

Answer

increasing Cash; increasing Revenues

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A(n) _____ user of accounting information does not directly run the organization.
- external
What are Generally Accepted Accounting Principles?
- The concepts and rules that govern financial accounting practice.
In addition to the cost-benefit constraint, two other constraints include:
- materiality
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The constraint that states that information disclosed by the entity must have benefits to the user which are greater than the costs of providing it is called:
- cost-benefit
Which of the statements correctly represents the accounting equation?
- What a business owns will always equal what it owes to creditors and owners.
Which of the following correctly depicts the accounting equation?
- Assets = Liabilities + Equity
Which of the following statements is correct regarding revenues?
- Revenues cause equity to increase.
Which of the following statements below lists the rules of entering transactions into the accounting equation?
- The accounting equation must always remain in balance so that assets always equal the sum of liabilities and equity.
Which of the following statements represent(s) how expenses affect equity? (Check all that apply.)
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On 8/1, supplies costing $500 were purchased on credit. Record this transaction in the accounting equation by:
- increasing Supplies, and increasing Accounts Payable
Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. Record this transaction in the accounting equation.
- Increase Expenses and decrease Cash.
Melton's Door Company pays rent on the building facilities of $5,000 on May 1. Show how to record this transaction in the accounting equation of Melton's Door Company.
- Rent Expense will be increased.
If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by:
- increasing Cash and decreasing Accounts Receivable.
A customer of Landen Consulting Company makes a $400 payment of cash on a bill for services provided last month. Record this transaction into the accounting equation of Landen Consulting by: (Check all that apply.)
- increasing Cash, $400.
- decreasing Accounts Receivable, $400.
During September, Sally's Hair Salon purchased $900 of supplies on account. In October, Sally's wants to make a payment of $200 on this bill. Record the October transaction into Sally's accounting equation by: (Check all that apply.)
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In every financial statement, there exists single and double underlines. Choose the statement below that describes what these are for and when to use them.
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True or False: The date line of a balance sheet depicts a specific day and not a period of time.
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Which of the following statements is the best definition of an asset?
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Which of the following is the best definition of a source document in the accounting process?
- A source document identifies and describes transactions and is the basis for entering an event into the accounting system.
Cash can take many forms. From the lists of items below, choose the one which includes only items that would be defined as cash.
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Which of the following statements is (are) correct regarding the definition of a liability? (Check all that apply.)
- A liability can be settled by transferring assets or providing products or services to others.
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Which of the following statements is accurate regarding Accounts payable?
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Which of the following statements is the correct definition of a creditor?
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Which of the following statements is correct regarding expenses.
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Which of the following statements about revenues is correct?
- Revenues cause equity to increase, and they are increased on the right side of the T-account.
Which of the following statements is (are) correct regarding a T-account? (Check all that apply.)
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- A T-account represents a ledger account.
- A T-account may be used as a tool to visualize the effects of a transaction.
Which of the following statements is correct?
- To debit an account means to enter transactions on the left side of a T-account.
Which of the following statements is correct in regards to debiting and crediting an account?
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The business earns $700 of consulting revenue. How would these earnings affect the total equity of a business?
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Which of the following accounts has a normal debit balance? (Check all that apply.)
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A business pays $500 for rent. How would this payment affect the equity of a business?
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Which of the following is correct regarding posting a transaction?
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Which of the following is required information when entering a transaction into a journal? (Check all that apply.)
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Which of the following statements best explains the posting reference in a journal and a ledger?
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Which of the following statements explains the difference between a Balance column account and a T-account?
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Which of the selections below includes all of the required information to be entered in a journal?
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Which of the following is a correct statement regarding the posting process?
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True or false: The revenue recognition principle states that revenue should be recorded in the period in which it is earned which may or may not be the period in which payment was actually received.
- True
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- Place $500 on the left side of the Cash account; place $500 on the right side of the Unearned Revenue account.
In defining a reporting period, which of the following statements is (are) correct? (Check all that apply.)
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Which of the following statements explains what a trial balance is?
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Which of the following items is (are) required in the heading of every financial statement? (Check all that apply.)
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Describe where dollar signs are appropriate in financial statements.
- Dollar signs are used beside the first and last numbers in a column.
Which of the following is (are) true regarding timeliness and the importance of periodic reporting? (Check all that apply.)
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Able Company owes interest on a note for a loan. The note is dated December 1 and is due on February 1. On December 31, interest expense should be accrued for the following period:
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The Fish Aquarium obtained funds from a bank and owes interest on a note at the end of the month. The required adjusting journal entry will
- debit interest expense and credit interest payable
A company borrowed $4,000 from the bank at an interest rate of 9%. By the end of the accounting period, the loan had been outstanding for 30 days. Demonstrate the required adjusting entry by choosing the correct statement below.
- Debit Interest expense for $30.

Question 2 studiers recently

Jackson's Catering Company provided cookies worth $3,000 to the local college. The college paid immediately. Record this transaction in Jackson's accounting equation by:

Answer

Aceify Homework Helper

Students also studied these questions

A(n) _____ user of accounting information does not directly run the organization.

What are Generally Accepted Accounting Principles?

In addition to the cost-benefit constraint, two other constraints include:

The constraint that states that information disclosed by the entity must have benefits to the user which are greater than the costs of providing it is called:

Which of the statements correctly represents the accounting equation?

Which of the following correctly depicts the accounting equation?

Which of the following statements is correct regarding revenues?

Which of the following statements below lists the rules of entering transactions into the accounting equation?

Which of the following statements represent(s) how expenses affect equity? (Check all that apply.)

On 8/1, supplies costing $500 were purchased on credit. Record this transaction in the accounting equation by:

Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. Record this transaction in the accounting equation.

Melton's Door Company pays rent on the building facilities of $5,000 on May 1. Show how to record this transaction in the accounting equation of Melton's Door Company.

If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by:

A customer of Landen Consulting Company makes a $400 payment of cash on a bill for services provided last month. Record this transaction into the accounting equation of Landen Consulting by: (Check all that apply.)

During September, Sally's Hair Salon purchased $900 of supplies on account. In October, Sally's wants to make a payment of $200 on this bill. Record the October transaction into Sally's accounting equation by: (Check all that apply.)

In every financial statement, there exists single and double underlines. Choose the statement below that describes what these are for and when to use them.

True or False: The date line of a balance sheet depicts a specific day and not a period of time.

Which of the following statements is the best definition of an asset?

Which of the following is the best definition of a source document in the accounting process?

Cash can take many forms. From the lists of items below, choose the one which includes only items that would be defined as cash.

Which of the following statements is (are) correct regarding the definition of a liability? (Check all that apply.)

Which of the following statements is accurate regarding Accounts payable?

Which of the following statements is the correct definition of a creditor?

Which of the following statements is correct regarding expenses.

Which of the following statements about revenues is correct?

Which of the following statements is (are) correct regarding a T-account? (Check all that apply.)

Which of the following statements is correct?

Which of the following statements is correct in regards to debiting and crediting an account?

The business earns $700 of consulting revenue. How would these earnings affect the total equity of a business?

Which of the following accounts has a normal debit balance? (Check all that apply.)

A business pays $500 for rent. How would this payment affect the equity of a business?

Which of the following is correct regarding posting a transaction?

Which of the following is required information when entering a transaction into a journal? (Check all that apply.)

Which of the following statements best explains the posting reference in a journal and a ledger?

Which of the following statements explains the difference between a Balance column account and a T-account?

Which of the selections below includes all of the required information to be entered in a journal?

Which of the following is a correct statement regarding the posting process?

True or false: The revenue recognition principle states that revenue should be recorded in the period in which it is earned which may or may not be the period in which payment was actually received.

Minor Games received a $500 payment for services to be provided in the future. Show how this transaction should be entered into T-accounts of Minor Games, by selecting the correct answer below.

In defining a reporting period, which of the following statements is (are) correct? (Check all that apply.)

Which of the following would be included on an income statement? (Check all that apply.)

Which of the following statements explains what a trial balance is?

Which of the following items is (are) required in the heading of every financial statement? (Check all that apply.)

Which of the following statements is (are) true regarding the balance sheet? (Check all that apply.)

Name the accounting document or report that is completed just prior to preparing financial statements and assists in preparing the financial statements.

Describe where dollar signs are appropriate in financial statements.

Which of the following is (are) true regarding timeliness and the importance of periodic reporting? (Check all that apply.)

Cash basis accounting is defined as:

Define an adjusting journal entry.

All of the following are types of adjustments except:

A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below.

$500 of supplies were purchased at the beginning of the period. By the end of the period, only $100 remains. The adjustment to show the $400 of supplies used would have the following effect(s). (Check all that apply.)

$1,000 of supplies were purchased at the beginning of the month. $300 were used during the month. (The Supplies account was increased at the time of the initial purchase.) Demonstrate the required adjusting journal entry by selecting from the choices below. (Check all that apply.)

Which of the following accounts is considered a prepaid expense?

What is a plant asset?

A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was initially increased for the payment. The required adjusting journal entry on December 31 includes a: (Check all that apply.)

$800 of supplies were purchased at the beginning of the month and the Supplies account was increased. As of the end of the period, $200 of supplies still remain. Which of the following is the correct adjusting entry?

What is the purpose of the Accumulated Depreciation account?

A $300,000 building was purchased on December 1. It is estimated that it will have a life of 20 years and zero salvage value. Calculate depreciation expense for the month of December using straight-line depreciation.

What is the book value of an asset?

Choose the statement below that demonstrates the correct adjusting entry to recognize depreciation expense on a building.

Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.)

Explain what unearned revenues are by selecting the statements below which are correct. (Check all that apply.)

If an adjusting entry for unearned revenue is not recorded, what is the effect on the financial statements?

Explain what unearned revenues are by choosing the correct statement below.

Describe the effect of the adjusting entry to show the earned amount of a previously recorded unearned revenue on the income statement and on the balance sheet by choosing the correct statements below. (Check all that apply.)

An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned. Demonstrate what the correct adjusting entry should include by choosing the correct statement below.

What is the effect of an accrued expense (such as salaries expense) adjustment on the income statement and the balance sheet? (Check all that apply.)

Define the Salaries payable account by selecting the appropriate statement below.

By the end of the accounting period, employees have earned salaries of $500, but they will not be paid until the following pay period. Which of the following is the proper adjusting entry?

Able Company owes interest on a note for a loan. The note is dated December 1 and is due on February 1. On December 31, interest expense should be accrued for the following period:

Which of the following describe the Salaries payable account? (Check all that apply.)

The Fish Aquarium obtained funds from a bank and owes interest on a note at the end of the month. The required adjusting journal entry will

A company borrowed $4,000 from the bank at an interest rate of 9%. By the end of the accounting period, the loan had been outstanding for 30 days. Demonstrate the required adjusting entry by choosing the correct statement below.

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