An account provided to document the owners" invest in the organization is called:A. DividendsB. Common StockC. RevenueD. ExpenseE. Liability
Prepaid costs are:A. Payments produced products and also services that perform not ever expire.B. Classified as liabilities ~ above the balance sheet.C. Reduce in maintained earnings.D. Heritage that represent prepayments the future expenses.E. Promises of payment by customers.
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Of the complying with accounts, the one that usually has a credit transaction balance is:A. CashB. Office EquipmentC. Sales wages PayableD. DividendsE. Sales incomes Expense
Double-entry audit is an bookkeeping system:A. That documents each transaction twice.B. That records the impacts of transactions and also other occasions in at the very least two accounts v equal debits and also credits.C. In which the affect of every transaction is checked twice to ensure there room no errors.D. That might only be supplied if T-accounts are used.E. That documents the impacts of transactions ~ above at least two financial statements.
Rocky sectors received its telephone invoice in the lot of $300 and also immediately payment it. Rocky"s newspaper entry to record this transaction will encompass a:A. Debit come Telephone expense for $300.B. Credit to account Payable for $300.C. Debit to Cash for $300.D. Credit to Telephone cost for $300.E. Debit to accounts Payable because that $300.
Wisconsin Rentals to buy office supplies on credit. The journal entry made by Wisconsin Rentals to record this transaction will incorporate a:A. Debit to account Payable.B. Debit to account Receivable.C. Credit transaction to Cash.D. Credit to accounts Payable.E. Credit to maintained Earnings
The procedure of transferring basic journal information to the ledger is:A. Double-entry accounting.B. Posting.C. Balancing one account.D. Journalizing.E. Not forced unless debits perform not equal credits.
Which that the adhering to is the suitable journal entry if a firm performs a service and is paid immediately?A. Debit come Cash, debit to business Revenue.B. Debit come Cash, credit transaction to business Revenue.C. Debit to accounts Receivable, credit to Cash.D. Debit to organization Revenue, credit to accounts Receivable.E. Debit to account Receivable, credit transaction to business Revenue.
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A report that lists accounts and their balances, in i beg your pardon the total debit balances have to equal the total credit balances, is referred to as a(n):A. Account balanceB. Psychological balanceC. LedgerD. Chart of accountsE. General journal
If the Debit and also Credit tower totals of a attempt balance space equal, then:A. All transactions have actually been recorded correctly.B. Every entries native the journal have actually been post to the ledger correctly.C. All ledger account balances are correct.D. The complete debit entries and also total credit entries space equal.E. The balance sheet would certainly be correct.