MCQS: Which of the following is the liability? (a) Loose tools (b) Bill payable (c) Note Receivable (d) Electricity bill MCQSS: A trial balance proves that equal amounts of debits and credits were posted to the ledger. True False

MCQS: Which of the following is the liability? (a) Loose tools (b) Bill payable (c) Note Receivable (d) Electricity bill MCQSS: A trial balance proves that equal amounts of debits and credits were posted to the ledger. True False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why

A: Liability is the amount that is owed by a company. Liability is divided into two categories that is…

Q: MULTIPLE

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: A customer of Triple D can also be a supplier to Triple D and then, if the creditor’s amount is more…

A: A creditor is the entity to whom the company owes money whereas a debtor is an entity who owes money…

Q: Simple interest applies when interest is earned _____________. a. on interest b. in a serious of…

A: Interest is the value provided or paid for the sum borrowed. If the company has made certain…

Q: Clear All Interest Revenue Accounts Receivable Credit side Common Stock Debit side Accounts Payable…

A: T Account has two sides to it. The left side is known as the debit side and the right side know as…

Q: 4. A trial balance checks the equality of debits and credits. True False 5. A posting to Accounts…

A: Trial balance is the summary of accounts which shows the balance of all accounts i.e. assets,…

Q: g "Unearned results a debit

A: A transaction of revenue is recognized when the obligation by the seller is fulfilled by…

Q: Which journal entries is correct when a business entity collects an accounts receivable? A. Cash -…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: All of the following are fees for using a credit card except

A: In the given problem we need to identify the fee which is not charged by the Credit Card Companies.

Q: Current Attempt in Progress For each of the following accounts, indicate the effect of a debit or a…

A: Assets have debit balance while liabilities and equity have credit balance.The increase in the…

Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer…

A: This error is a self balancing error. One account is credited instead of other. It auto balances the…

Q: Presented below is information for Jones Company. Beginning -of-the-year Accounts Receivable balance…

A: Accounts Receivable -The money owed to a company for the sale of products or services that have…

Q: The following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Accounts receivable are customer payments. (increased/decreased) by credit sales and are Need help?…

A: ACCOUNTS RECEIVABLEAccounts Receivable represents the amount which will be receivable from the…

Q: The following selected transactions were completed during October of the current year: 1. Billed…

A: Journal entries are the daily transactions which are recorded in the books of accounts. These are…

Q: Required: Indicate whether or not the trial balance will balance after the error. If the trial…

A: To check that the entries in a company's bookkeeping system are mathematically correct, a trial…

Q: 1. Differentate the juornal from the ledger. (description and function)

A: I am answering the first question as per bartleby guidelines that requires an expert to answer only…

Q: T-ACCOUNT FORMULAS I need to know how to solve for missing amounts on T-Accounts. I know what…

A: A T-account is prepared to record the transactions of business in the related account. The…

Q: If the total debit balance equals the total credit balance on the trial balance, the accounting…

A: Accounting records may contain many types of errors. Some of them are posting mistakes, compensating…

Q: Which one of the following statements describes the rules about posting transactions into T-accounts…

A: Recording of journal entries is one of the initial step in accounting process. After that, recorded…

Q: Balancing of account means :(i) Total of debit side(ii) Total of credit side(iii) Difference in…

A: The correct option is option c.

Q: When an uncollectible account is recovered after it has been written off, he company should record…

A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…

Q: 1Which one of the following source documents will be used to make an entry in the debtors journal…

A: Answer:- Debtor journal meaning:- This diary keeps track of any transactions in which the company…

Q: The left side of any account is the credit side 10 A) True B) False

A: Solution: An account is way of record keeping with two sides. One is left side or debit side and…

Q: k charged a check against the company that should ner company add to cash balance per bank True

A: Bank Reconciliation statement reconciles the cash balance of the company records with the bank…

Q: Explain the following terms: a. Dishonoured cheques b. Credit transfer c. Standing orders d.…

A: Note: Since you have posted a question with multiple subparts only the first three sub-parts have…

Q: Pharoah Music Shop gives its customers coupons redeemable for a poster plus a Bo Diddley CD. One…

A: The practice of accounting for discounts or coupons that a business offers to clients is known as…

Q: A debit side entry must have a corresponding credit side entry. The normal balance of an account…

A: Solution Debit and credit are used in company bookkeeping in order for its books to balance.

Q: ACCOUNT | RECORDED AS DEBIT OR CREDIT | NORMAL BALANCE OF THE ACCOUNTT Decrease Notes Payable |…

A: As per the golden rules of accounting, the assets are debited when increased and credited when…

Q: There will be a credit balance to an account if _____. a. The last entry of the accounting period…

A: The difference between debit side and credit side is considered as balance, if debit side is more…

Q: TRUE OR FALSE. If assignment of receivables is made under a notification basis, the company, the…

A: Assignment of accounts receivable is a loan agreement in which the borrower assigns the lender to…

Q: What does a negative amount on the Accounts Payable Aging report indicate? O A miscoded expense O An…

A: An accounts payable aging report is a financial document that provides a detailed breakdown of a…

Q: ul Accou

A: For accurate financial reporting and determining the true value of accounts receivable, bad debts…

Q: How to record an amount due for customer that becomes definitely uncollectible? 2. How to record an…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: The receipt of cash on account from a costumer should be recorded as A. a debit to Cash and a credit…

A: 1.The receipt of cash on account from a costumer should be recorded as Answer Option C:a debit to…

Q: Posting errors are identified in the following table. In column (1), enter the amount of the…

A: Description of Posting Error Difference between Debit and Credit Columns Column with the Larger…

Q: Which of the following errors, each considered individually, would cause the trial balance totals to…

A: If any transaction impacted both debit and credit in the same way then the trial balance remains…

Question

MCQS:

Which of the following is the liability?

		(a) Loose tools
		(b) Bill payable
		(c) Note Receivable
		(d) Electricity bill

MCQSS:

A trial balance proves that equal amounts of debits and credits were posted to the ledger.

True

False

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

TOPIC: Rules of Debit and Credit Instruction: Identify the normal balance of accounts. Choose the letter of the correct answer. Choices: A. Debit B. Credit Questions: 1. Machinery 2. Estimated Uncollectible Account 3. Inventories 4. Amora, Drawing 5. Vehicle 6. Office Supplies Expense 7. Allowance for Doubtful Accounts 8. Service Revenue 9. Communication Expense 10. Miscellaneous Expense 11. Bad Debts 12. Mortgage Payable 13. Notes Payable 14. Prepaid Insurance 15. Unused Supplies 16. Allowance for Bad Debts 17. VAT Payable 18. Accumulated Depreciation 19. Taxes and Licenses 20. Retained Earnings
For part 2, do "written off" and "previously written off accounts collection" fall under debit or credit?
Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
please answer do not image.
Recorded credit sales. Select the accounts) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit = ? Credit = ? Options: Note Payable Accounts Receivable Salaries Expense Supplies Paid in Capital Common Stock Sales Revenue Salaries Payable Prepaid Insurance Unearned Revenue Cash Interest Expense Insurance Expense Supplies Expense Common Stock Equipment Accounts Payable Note Receivable
kai.3
The normal balance of an account is the side of the account (either the debit side or the credit side in the ledger) where we expect to find a positive dollar amount. The normal balance of an asset account is a _________________ balance. Group of answer choices break-even debit negative credit
Paid interest expense on Note recorded previously (above). Select the account(s) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit Debit Credit Credit Interest Expense Interest Payable Interest Payable Cash
Which of the following is incorrect? Group of answer choices A. In a double-entry accounting system every transaction will affect at least two accounts. B. Across all accounts, the total amount of debits must always equal the total amount of credits. C. A debit can be recorded on either side of the t-account depending on the type of account. D. The difference between the total debit and credit amounts for an account is called the account balance.
(b) To record estimated liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit Answer
A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.