Proof that the dollar amount of the debits equals the

Reference no: EM13596801

1) M. Sands, CPA, collected fees of $650 not previously billed or recorded. The journal entry to record the collection would be:
A) Accounting Fees 650
Cash 650
B) Accounts Receivable 650
Cash 650
C) Cash 650
Accounting Fees 650
D) Cash 650
M. Sands, Capital 650

2) When a number is recorded as 856 instead of 865 it is called a:
A) slide.
B) rearrangement.
C) composition
D) transposition.

3) A $600 check written for supplies was journalized as $60. The entry to correct this error is:
A) debit Supplies, $540; credit Cash, $540.
B) debit Supplies, $60; credit Cash, $60.
C) debit Cash, $540; credit Supplies, $540.
D) debit Cash, $60; credit Cash, $60.

4) Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means:
A) all accounts have their correct balances in the ledger.
B) all of the information from the journal was correctly transferred to the ledger.
C) only that the debit dollar amounts equal the credit dollar amounts.
D) only the ledger is accurate; the journal may be incorrect

Reference no: EM13596801

Questions Cloud

Accounts payable had a normal starting balance of 600 there : 1 which of the following would result if the business provided services to a customer collecting cash? a cash would

Kristen montana operates a retail clothing operation she : kristen montana operates a retail clothing operation. she purchases all merchandise inventory on credit and uses a

Down jackets has three types of costs jacket cost factory : down jackets has three types of costs jacket cost factory rent cost and utilities cost. this company sells its jackets

Payne company purchased a new machine on january 1 2005 for : payne company purchased a new machine on january 1 2005 for 678000. the machine was assigned a 10-year life and a

Proof that the dollar amount of the debits equals the : 1 m. sands cpa collected fees of 650 not previously billed or recorded. the journal entry to record the collection

On june 1 2004 xyz company paid 360000 to purchase land : on june 1 2004 xyz company paid 360000 to purchase land building and equipment. the market value of these assets on

Mayfield company expects to have a cash balance of 46000 on : mayfield company expects to have a cash balance of 46000 on january 1 2010. these are the relevant monthly budget data

Which of the following bank reconciliation items would not : 1 a restrictive endorsement on a check a can be further endorsed by someone else. b permits the bank to use its best

In december 2008 jens company established its predetermined : in december 2008 jens company established its predetermined overhead rate for jobs produced during year 2009 by using

User Account

All Pages