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Jeff invests an additional $100 into his company from his personal checking account. How would this affect the equity of his business?
 
Common stock would be increased and total equity would also increase
   
J. Brown paid $40 to its stockholders. Show how to record the transaction to the T-accounts by completing the following sentence:
Dividends would be _______ on the _______ side of the T-account, and cash would be _________ on the ________ side of the T-account
 
debited; left; credited; right
   
Creditors
 
Individuals or organizations that have rights to receive payments from a business
   
Liabilities
 
Claims against the assets of a business
   
Assets
 
Things of value owned by a business
   
Expenses
 
The costs of doing business
   
On Mar 3, Lyons Company received $100 cash in advance of providing catering services to a customer.
Use your knowledge of what a correct journal entry should look like to identify what would be included in the correct journal entry
 
Cash would be debited and listed first
Unearned Revenue would be credited and listed second
   
You are entering a transaction in the journal. Place the following steps in the order that they would be entered in the journal
 
1. Enter date of transaction in date column
2. Enter name of account(s) debited and their amount(s)
3. Enter name of account(s) credited and their amount(s)
4. Enter explanation
   
Gunner Company made a $50 payment on account for a previous equipment purchase. Show how this transaction should be
entered into T-accounts of Gunner Company.
 
Place $50 on left side of the Accounts payable account; place $50 on the right side of the Cash account
   
The Dividends account is used to record _________ to the owner and has a ________ impact on equity
 
distributions; negative
   
Select the statements that are true regarding debiting and crediting:
 
a) A debit can increase an expense account
b) For an account where a debit is an increase, the credit is a decrease
c) A credit will always decrease an asset account
d) A debit or a credit can increase or decrease an account, depending on the account
   
Assets
 
Things of value owned by the business
   
Stockholders' equity
 
The residual interest in the assets of a business after deducting the business's debts
   
Revenues
 
The dollars earned because of services performed or products sold
   
Liabilities
 
The obligations owed by the business to creditors
   
What is a creditor
 
A creditor is an individual or organization that has a right to receive payments from a business
   
Which statements are accurate regarding supplies?
 
Supplies are assets until they are used
When supplies are purchased, they are added to the Supplies account
Unused supplies can be recorded as Store Supplies, Office Supplies or
   
Supplies
 
Unused supplies are treated as assets
   
What is correct in regards to debiting and crediting an account?
 
A debit or a credit can increase an account, depending on what kind of account it is
   
Which of the following has a normal credit balance?
 
a) Common stock
b) Prepaid insurance
c) Accounts receivable
d) Supplies
e) Accounts payable
f) Unearned consulting revenue
   
Pintel Company paid $2000 cash for a 12 month insurance policy.
Describe how to record the transaction to the T-accounts by completing the following sentence:
Cash would be ________ on the _______ side of the T-account, and Prepaid
Insurance would be ______ on the _______ side of the T-account.
 
credited; right; debited; left
   
List only examples of assets
 
Building, cash, accounts receivable
   
Equipment is a(n) _______ account. It is reported on the ______ side of the accounting equation and is ______ when equipment is purchased.
 
Asset; left; increased
   
Which of the following would be included on a statement of retained earnings?
 
a) Retained earnings balance at end of period
b) Retained earnings balance at beginning of period
c) Total liabilities
d) Dividends
e) Net Income (loss)
f) Total revenues earned during the period
g) Total assets
   
A general ledger
 
It is a collection of all accounts with their activity and balances that exist in a business
   
A journal
 
It is a book of original entry that includes a chronological record of all transactions that have occurred with a
business during a period occurred
   
A trial balance
 
It is a list of each account and its balance at any given time and is used to verify that debits=credits
   
A chart of accounts
 
It is a list of all ledger accounts which exist in a business and includes an identification number assigned to each account
   
Recall the required information in a financial statement heading.
 
1. Name of business
2. Name of financial statement
3. Period of time the financial statement covers
   
Which of the following accounts has a normal debit balance?
 
a) Buildings
b) Accounts payable
c) Supplies
d) Cash
e) Accounts receivable
f) Unearned revenue
   
What is accurate regarding Accounts payable?
 
Accounts payable refer to oral or implied promises to pay later, which may arise from the purchase of supplies or services
   
Holt Computer Services received $200 from a customer that it had billed
earlier in the month. Illustrate how to record the transaction to the T-accounts by completing the following sentence:
Accounts receivable would be _______ on the ______ side of the
T-account, and Cash would be ______ on the ______ side of the T-account.
 
credited; right; debited; left
   
What would have a normal debit balance?
 
Expenses, Dividends, Cash
   
Which of the following statements are correct regarding a T-account?
 
a) A T-account may be used as a tool to visualize the effects of a transaction
b) A T-account will show the debit or credit side of each transaction
c) A T-account represents a ledger account
d) A T-account reflects whether a transaction was posted correctly
   
An account is a record of increases and _______ in a specific asset, liability, equity, revenue, or expense item
 
decreases
   
Which is correct regarding posting a transaction?
 
Posting means to transfer journal information to a ledger
   
Butter Company purchased $300 of supplies for cash. Illustrate how to record the transaction into T-accounts by completing the following sentence:
The Supplies account would be ______ on the ______ side of the T-account
and the Cash account would be ________ on the ________ side of the T-account.
 
debited; left; credited; right
   
Which of the following would be included on an income statement?
 
Net income
Total expenses
Total revenues
   
When preparing a trial balance, there are certain steps that need to be followed. List the steps in the correct order
 
1. List each account title and its amount from the general ledger
2. Compute the total of debit balances and the total of credit balances
3. Verify that total debit balances equal total credit balances
4. Locate and resolve errors
   
Recall that the Balance Sheet reports the equality of the accounting equation and would include which of the following amounts?
 
Total Assets
Retained earnings balance at the end of period
Total Liabilities
   
Which statement best describes a T-account?
 
A T-account represents a ledger account and is a tool used to understand the effects of one or more transactions
   
Brown Company provided services to a customer and immediately collected $1900 cash. Show how to record the transaction to the T-accounts by
completing the following sentence:
Service Revenue would be ______ on the ______ side of the T-account, and
Cash would be ________ on the _______ side of the T-account
 
credited; right; debited; left
   
Gunner Company purchased a piece of equipment costing $6000. $1000 is paid immediately and the balance is on account.
Show how to record this transaction to the T-accounts
$6000 on left side of the Equipment account; $5000 on the right side of
 
the Accounts payable account; $1000 on the right side of the Cash account
   
The general ledger can be used to determine which of the following
Which accounts are being used by a company and their balances at any given time
 
Common and unique accounts used by a business
Increases and decreases in all accounts in a business
   
Revenues cause equity to _____ and they are increased on the _____ side of the T-account.
 
increase; right
   
Which statement is correct regarding entering transactions into the accounting equation?
 
If the total of the right side of the accounting equation increased, the the total of the left side of the accounting equation must also increase
   
Pauline Company provided $500 of services to its client, Republic Company and received cash immediately. Show how to record
the transaction to the T-accounts of Pauline Company by completing the following sentence:
Cash would be _______ on the _______ side of the T-account and Services
Revenue would be _______ on the _________ side of the T-account
 
debited; left; credited; right
   
Given the descriptions below, which are true regarding notes receivable?
 
a) Note receivable is increased when payment is received from the maker of the note
b) Notes receivable is classified as a liability
c) Another name for a note receivable is a promissory note
d) Notes receivable is decreased with a credit
e) It is the promise of another entity to pay a definite sum of money on a specified future date
f) Notes receivable is classified as an asset
   
Since expenses are the costs of doing business and cause equity to _______, expenses are increased on the ______ side of their T-account
 
decrease; left
   
Illustrate how the financial statements are linked by placing them in the correct order of preparation
 
1. Income statement
2. Statement of retained earnings
3. Balance sheet
   
Which of the following accounts are examples of expenses?
 
a) Rent expense
b) Dividends
c) Accounts payable
d) Supplies expense
   
The statement of retained earnings reports:
 
How retained earnings changed over a period of time
   
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 are correct?
 
a) Crediting the Common stock account means to increase it
b) Crediting means to enter transactions on the left side of a T-account
c) Crediting can be abbreviated "Cr"
d) Crediting means to enter transactions on the right side of a T-account
e) Crediting a liability account will increase it
   
The business earns $2800 cash for services performed. How would this receipt affect the total equity of a business?
 
Revenues would be increased, so equity is increased
   
L. Lyons started a business and invested $4000. Illustrate how to record the transaction in the T-accounts by completing the following sentence.
The Cash account would be ______ on the _______ side of the T-account
and the Common stock account would be ______ on the _______ side of the T-account
 
debited; left; credited; right
   
Which or the following would be considered "cash" and reflected in a company's Cash account?
 
a) Coin
b) Prepaid insurance
c) Checks
d) Money orders
e) Notes Receivable
   
To enter transactions on the left side of a T-account means you are _______ the account and will cause a(n) ______ in an asset account
 
debiting; increase
   
Which of the following statements is accurate about the Land account?
 
The Land account is an asset
The Land account would be increased on the left side of its T-account
The Land account is used to record the costs of land purchased by the business
   
A trial balance is a ___________ of accounts and their balances at a point in time and is used to confirm that the sum of debit
account balances equals the sum of __________ account balances.
 
list; credit
   
What is the purpose of the Common stock account?
 
When an owner invests in a business, the invested amount is recorded in the Common stock account
   
A business pays $500 for rent. How would this payment affect the equity of a business?
 
Expenses are increased, so equity is decreased
   
There are several types of accounts that impact equity. Which of the accounts below cause equity to increase?
 
Common stock and revenues
   
Which of the following statements are correct regarding the sides of a T-account?
 
a) Liability accounts will be increased on the left side
b) The left side is called the debit side
c) Asset accounts will be increased on the left side
d) The left side is called the credit side
e) Asset accounts will be increased on the right side
f) Liability accounts will be increased on the right side
g) The right side is called the credit side
   
What is required info when entering a transaction into a journal?
 
Credited accounts
Explanation of transaction
Debited accounts
Date of the transaction
   
What is the formula depicting the expanded accounting equation?
 
Assets = Liabilities + Common stock - Dividends + Revenues - Expenses
   
The T-account for Cash had 3 transactions entered into it. It was increased by $400 and decreased by $100 and by $30,
respectively. Its balance at the end of the period would be a ______ balance of $_______
 
debit; 270
   
Which of the following accounts are examples of revenues?
a) Accounts receivable
b) Fees earned
c) Accounts payable
d) Service revenue
e) Sales
   
A business paid $40 to it's stockholders. Show how to record the transaction to the T-accounts:
Dividends would be _______ on the ______ side of the T-account and Cash would be ______ on the _____ side of the T-account.
 
debited; left; credited; right
   
The statement of retained earnings report:
 
how retained earnings changed over a period of time
   
Prepaid accounts are _________ that represent prepayments of future expenses and are increased with a ______________
 
assets; debit
   
What is correct regarding the effect of debits and credits in accounts?
 
Expenses reduce equity, so to increase an expense account you would debit it
   
What is correct regarding the posting process?
 
The posting process creates a link between the ledger and the journal.
The posting process does not require detailed explanations in the ledger.
Entries are posted as soon as possible.
Entries must be posted to the ledger before financial statements are prepared.
   
Source Document
 
A source document identifies and describes transactions and is the basis for entering an event into the accounting system.
   
Best definition of Account
 
A record of increases and decreases in a specific asset, liability, equity, revenue, or expense.
   
The general ledger can be used to determine which of the following: (Check all answers which apply)
 
common and unique accounts used by a business.
all accounts used by a company and their balances.
increases and decreases in all accounts in a business.
   
Assets are claims by creditors against the company.
 
False
   
Examples of Assets
 
Building, cash, accounts receivable
   
Which of the following would be considered a source document in an accounting system? (Check all that apply.)
 
Sales receipt
Payroll records
Checks
Purchase order
   
Items that would be defined as cash.
 
Coins, checks, money orders
   
True regarding notes receivable
 
Another name for a note receivable is a promissory note.
Notes receivable is classified as an asset.
It is the promise of another entity to pay a specific sum of money on a specified future date.
   
An account is
 
a record of increases and decreases , in a specific asset, liability, equity, revenue or expense.
   
Which of the following best and fully describes a general ledger?
 
The general ledger is a record containing all accounts used by a company.
   
Which of the following statements is correct about prepaid expenses?
 
Prepaid expenses are also called prepaid accounts and are considered assets.
   
Which of the following statements is the best definition of an asset?
 
Assets are resources owned or controlled by a company and that have expected future benefits.
   
Which of the following are examples of prepaid (expense) accounts? (Check all that apply.)
 
Prepaid insurance
Prepaid rent
   
Considered an Asset
 
Cash
Building
Accounts receivable
Supplies
   
Which of the following statements are accurate regarding supplies? (Check all that apply.)
 
Supplies are assets until they are used.

 
When supplies are purchased, they are added to the Supplies account.


Unused supplies can be recorded as Store Supplies, Office Supplies or Supplies.
Unused supplies are treated as assets.
   
Notes receivable is considered a(n)
 
asset
   
Equipment is a(n) (asset/liability/expense) account. It is reported on the (left/right) side of the accounting equation and is
(increased/decreased) when equipment is purchased.
 
Asset, Left, Increased
   
When financial statements are prepared, unexpired prepaid accounts are recorded as (expenses/assets/liabilities)
and the expired portion of the prepaid account is reported as a(n) (expense/asset/liability).
 
Assets, Expense
   
Which of the following statements is accurate regarding the Building account?
 
A Building asset account is used to record the costs of purchasing a store, office, warehouse or factory.
   
Which of the following lists of items contain only examples of prepaid (expense) accounts?
 
Prepaid rent, prepaid insurance
   
True or false: The cost of land owned by a business is recorded in the Land account and this account is classified as an expense.
 
False
(Land is an asset)
   
Supplies are (assets/expenses/liabilities) until they are used. When they are used up, their costs are reported as
(assets/expenses/liabilities).
 
Assets, Expense
   
definition of a liability
 
A liability is a claim by a creditor against the assets of a business.
   
Which of the following statements is (are) accurate regarding equipment purchased within a business?
(Check all that apply.)
 
Equipment is an asset.
Equipment cost is initially recorded as an asset and the cost is allocated over time to expense.
Equipment purchases are reported on the balance sheet.
Equipment is reported on the left side of the accounting equation.
   
Which of the following statements is accurate regarding Accounts payable?
 
Accounts payable refer to promises to pay later, which may arise from the purchase of supplies or services.
   
The Building account is a(n) (asset/liability/expense) account and is reported on the (left/right) side of the accounting equation.
 
Asset, Left
   
The residual interest in the assets of a business after deducting the business's debts
 
Owners’ Equity
   
Which of the following statements is accurate about the Land account? (Check all that apply.)
 
The Land account is increased on the left side of its T-account.
The Land account is used to record the costs of land purchased by the business.
The Land account is an asset.
   
There are several types of accounts that impact equity. Which of the accounts below cause equity to increase?
 
Owner's capital and revenues
   
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.
A liability is a claim by creditors against the assets of a business.
A liability is a debt owed by the business.
   
Accounts payable refer to promises to pay later by the business and are classified as (asset/liability/expense) account.
 
liability
   
Which of the following statements is the correct definition of owner's equity?
 
Owner's equity is the owner's claim on a company's assets.
   
Which of the following accounts impact equity? (Check all that apply.)
 
Expenses
Revenue
Owner, Capital
Owner, Withdrawal
   
From the lists of accounts below, which one contains only revenue accounts?
 
Interest revenue, Professional fees earned, Sales
   
Which of the following statements is (are) correct regarding the Owner, Capital account?
 
The Owner, Capital account is increased on the right side of the T-account.
The Owner, Capital account is used to record investments by the owner.
The Owner, Capital account is an equity account.
   
Revenues cause equity to (decrease/increase) and they are increased on the (left/right) side of the T-account.
 
Increase, Left
   
From the following lists of accounts, choose the list(s) which contains only expense accounts.
 
Rent expense, salaries expense, insurance expense
   
Which of the following statements is correct regarding expenses.
 
Expenses are increased on the left side of their T-account because they decrease equity.
   
Which of the following accounts are examples of revenues? (Check all that apply.)
 
Sales
Service revenue
Fees earned
   
Which of the following statements is the best definition of the Chart of Accounts?
 
It is a list of all ledger accounts which exist in a business and includes an identification number assigned to each account.
   
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 statement best describes a T-account?
 
A T-account represents a ledger account and is a tool used to show the effects of one or more transactions.
   
Which of the following accounts are examples of expenses? (Check all that apply.)
 
Rent Expense
Insurance Expense
   
Which of the following statements is (are) correct regarding the sides of a T-account?
(Check all that apply.)
 
Liability accounts are increased on the right side.
The left side is called the debit side.
The right side is called the credit side.
Asset accounts are increased on the left side.
   
To debit an account means to enter transactions on the
 
left side of a T-account.
   
Since expenses are the costs of doing business and cause equity to (increase/decrease), expenses are increased on the
(right/left) side of their T-account.
 
decrease, left
   
A chart of Accounts
 
It is a list of all ledger accounts and includes an identification number assigned to each account
   
A journal
 
It is a book of original entry that includes a chronological record of all transactions that have occurred within
a business during a period occurred
   
A General Ledger
 
It is a collection of all accounts and balances that exist in a business
   
A Trial Balance
 
It is a list of each account and its balance at any given time and is used to verify that debits = credits
   
Which of the following statements is (are) correct regarding a T-account? (Check all that apply.)
 
A T-account represents a ledger account.
A T-account may be used as a tool to visualize the effects of a transaction.
A T-account will show the debit and credit effects of transactions.
   
Choose the account(s) below, that would have a normal credit balance. (Check all that apply).
 
Unearned Revenues
Accounts Payable
Owner's capital
Revenues
   
The account title is shown at the top of a T-account. The left side of a T-account is called the side, and the right side is called the side.
 
The left side of a T-account is called the Debit Side
The right side of a T-account is called the Credit side
To enter transactions on the left side of a T-account means you will
(debit / credit) the account and will cause a(n) (decrease / increase) in an asset account.
Debit, Increase
   
Which of the following statements is correct regarding the effect of debits and credits in accounts?
 
Expenses reduce equity, so to increase an expense account you would debit it.
   
Choose the statement below that correctly explains a general journal.
 
A journal is a complete record of each transaction in one place and includes the debit and credit of each transaction.
   
Which set of accounts below would have a normal debit balance?
 
Expenses; Owner, Withdrawals; Cash
transferring entries from the journal to the ledger is called posting
   
Which of the following statements is (are) correct regarding the effect of debiting or crediting accounts?
 
To decrease an asset, you would credit it.
To increase the Withdrawals account, you would debit it.
To increase an expense account, you would debit it.
To reduce Accounts payable, you would debit it
To reduce Cash, you would credit it.
   
You are entering a transaction in the journal. Place the following steps in the order that they would be entered in the journal.
 
1. Enter date of transaction in date column
2. Enter name of accounts debited and their amount
3. Enter name of accounts credited and their amounts
4. Enter explanation
   
Since expenses are the costs of doing business and cause equity to (increase/decrease), expenses are increased on the
(right/left) side of their T-account.
 
decrease, left
   
Which of the following statements is (are) correct regarding a journal? (Check all that apply.)
 
Transactions are generally entered in chronological order.
A journal is used to record business transactions.
In a journal, both the debit and credit side of the transaction can be seen.
   
On Nov.1, L. Lyons pays $1000 cash for a 12-month insurance policy. Use your knowledge of what a correct journal entry should look
like to identify what would be included in the correct journal entry
 
Prepaid Insurance would be debited and listed first
Cash would be credited and listed second
   
Which of the following statements is (are) correct regarding the posting process? (Check all that apply.)
 
The posting process creates a link between the ledger and the journal.
Entries must be posted to the ledger before financial statements are prepared.
Entries are posted as soon as possible.
The posting process does not require detailed explanations in the ledger.
   
Which of the following is correct regarding posting a transaction?
 
Posting means to transfer journal information to a ledger.
   
Select the statements below that are correct in regards to entering transactions in a journal.
(Check all that apply.)
 
Credited accounts should be indented.
Leave one blank line between each completed journal entry.
Total dollar amount of debits must equal the total dollar amount of credits.
   
Which of the selections below includes all of the required information to be entered in a journal?
 
Date of transaction, explanation of transaction, debited and credited accounts, dollar amounts of debits and credits
   
L. Lyons started a business and invested $4,000.
Illustrate how to record the transaction in the T-accounts by completing the following sentence.
 
The Cash account would be (debited/credited) on the (left/right) side of the T-account and the Owner,
Capital account would be (debited/credited) on the (left/right) side of the T-account.
Debited, Left, Credited, Right
   
On Jan. 2, Callie Taylor received a $700 payment from a customer previously billed for services performed.
The journal entry to record this transaction would include a
 
(debit / credit) to the BLANK account and a (debit / credit) to the Accounts Receivable account.
Debit, Cash, Credit
   
Which of the following is a correct statement regarding the posting process?
 
Entries must be posted to the ledger before financial statements are prepared.
   
On Nov.1, L. Lyons pays $2,400 cash for supplies. Show how to use T-accounts to record this transaction by selecting the correct answer below.
 
Supplies would be debited, and Cash would be credited.
   
S. Gunner purchased a piece of equipment costing $6,000. She paid $1,000 immediately and put the rest on account.
Show how to record this transaction to the T-accounts by selecting the correct answer below.
 
$6,000 on left side of the Equipment account
$5,000 on the right side of the Accounts payable account
$1,000 on the right side of the Cash account
   
When entering a transaction into a general journal, the entry would be dated; then the accounts (debited/credited)
would be listed first; then the accounts (debited/credited) would be listed next.
 
debited, credited
   
J. Brown purchased $900 of supplies on credit. Illustrate how to record the transaction to T-accounts by completing the following sentence.
Accounts payable would be
 
(debited / credited) on the (left / right) side of the T-account
and Supplies would be (debited / credited) on the side of the T-account.
credited, right, debited, left
   
J. Jackson invested $1,000 in his business. Show how to use T-accounts to record this transaction by selecting the correct answer below.
 
Debit Cash; credit Owner, Capital.
   
J. Brown provided services to a customer and immediately collected $1,900 cash.
Show how to record the transactions to the T-accounts by completing the following sentence.
 
Service Revenue would be _____________ (debited/credited) on the ___________________ (left/right) side of the T-account,
and Cash would be ______________ (debited/credited) on the ___________ (left/right) side of the T-account.
 
credited; right; debited; left
   
P. Butter purchased $300 of supplies fro cash. Illustrate how to record the transaction into T-accounts by completing the following sentence.
 
The Supplies would be ____________ (debited/credited) on the _____________ (left/right) side of the T-account and the Cash account
would be ________ (debited/credited) on the ___________ (left/right) side of the T-account.
 
debited; left; credited; right
   
Holt Computer Services purchased $2,000 of new equipment and paid immediately. Illustrate how to record the transaction into
T-accounts of Holt Services by completing the following sentence.
 
debited; left; credited; right
   
S. Sunshine received and paid for a utility bill of $50. Show how to record this transaction to the T-accounts by
selecting the correct answer below.
 
$50 on left side of the Utility expense account; $50 on the right side of the Cash account.
   
Stan Smith purchased $8,000 of supplies on credit for his company. Show how to record this transaction to the
T-accounts by selecting the correct answer below.
 
Enter $8,000 on left side of the Supplies account; enter $8,000 on the right side of the Accounts payable account.
   
Paul's Programming Services provided $1,000 of consulting services on credit. Show how to use T-accounts to record
this transaction by selecting the correct answer below.
 
Debit Accounts Receivable; credit Consulting Revenue.
   
On Jan. 2, Callie Taylor purchased $300 worth of supplies. She paid $100 immediately, but put the rest on account.
The journal entry to record this transaction in Callie Taylor's books would include which of the following?
(Check all that apply.)
 
Credit Accounts payable for $200.
Debit the Supplies account for $300.
Credit the Cash account for $100.
   
J. Brown paid his only employee his weekly wages of $400. Show how to record the transaction to the T-accounts by completing
the following sentence. The Wages expense account would be debited/credited) on the (left/right) side of the T-account, and the
Cash account would be (debited/credited) on the (left/right) side of the T-account.
 
debited, left, credited, right
   
J. Jackson invested $1,000 in his business. Show how to use T-accounts to record this transaction by selecting the correct answer below.
 
Debit Cash; credit Owner, Capital.
   
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
   
Holt Computer Services received $200 from a customer that it had billed earlier in the month. Illustrate how to record the transaction
to the T-accounts by completing the following sentence. Accounts receivable would be (debited/credited) on the (left/right)
side of the T-account, and Cash would be (debited/credited) on the (left/right) side of the T-account.
 
credited; right; debited; left
   
On Jan. 2, Callie Taylor performed $800 worth of services for a client. The client paid $100 immediately,
but promised to pay the balance next month. The journal entry to record this transaction in Callie Taylor's books would be
 
debit cash $100, debit receivables $700 and credit sales $800
   
S. Sunshine received and paid for a utility bill of $50. Show how to record this transaction to the T-accounts by selecting the correct answer below.
 
$50 on left side of the Utility expense account; $50 on the right side of the Cash account.
   
R&R Programming pays a $900 supply bill that it had received earlier in the month.
Illustrate how to record the transaction to the T-accounts by completing the following sentence.
 
Accounts payable would be ____________ (debited/credited) on the ______________(left/right) side of the T-account,
and Cash would be __________(debited/credited) on the (left/right) side of the T-account.
 
debited; left; credited; right
   
S. Gunner received $300 cash from a client that had been billed earlier in the month.
Show how to record this transaction into T-accounts by selecting the correct answer below.
 
Place $300 on left side of the Cash account; place $300 on the right side of the Accounts receivable account.

    Homework   1.1  1.2   2.1  2.2  3.1  3.2   4.1  4.2  5.1  5.2   6.1   6.2  7.1  7.2  8.1  8.2  9.1  9.2  10.1   10.2  11.1   11.2  12.1  12.2   13.1  13.2