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What the journal entry to record this transaction is

Assignment Help Financial Accounting
Reference no: EM132908788

Problem 1: The entry to record the payment of office salaries would be

A) Debit Cash; Credit Accounts Receivable.

B) Debit Cash; Credit Salaries Expense.

C) Debit Salaries Expense; Credit Capital.

D) Debit Salaries Expense; Credit Cash.

Problem 2: A calendar year is

A) any 12-month period that a business chooses for its accounting year.

B) the 12-month period beginning with January.

C) the period for when an interim financial statement would be completed.

D) All of these answers are correct.

Problem 3: Riley's Book Review billed customers $350 for editing work completed this month. The journal entry to record this transaction is

A) Accounts Receivable debit $350; Editing Revenue credit $350.

B) Editing Revenue debit $350; Riley, Capital credit $350.

C) Accounts Payable debit $350; Editing Revenue credit $350.

D) Editing Revenue debit $350; Withdrawals credit $350

Problem 4: Bringing account balances up to date before preparing financial reports is called

A) posting.

B) adjusting.

C) journalizing.

D) analyzing.

Problem 5: A form used to organize and check data before preparing financial reports is known as a(n)

A) trial balance.

B) income statement.

C) balance sheet.

D) worksheet

Reference no: EM132908788

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