College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 2, Problem 5QY
When preparing a
- a. The purpose of the trial balance is to prove that the total of all debit balances equals the total of all credit balances.
- b. Advertising Expense would normally be recorded as a credit.
- c. The trial balance is considered to be a financial statement.
- d. Supplies would normally be recorded as a credit.
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Which of the following is NOT the objective of preparing a trial balance?
O a. To help in preparing Financial Statements
O b. To find the profit and loss
O C. Helps in locating errors
O d. To check arithmetical accuracy
The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - On a sheet of paper, draw the fundamental...Ch. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - A fellow accounting student has difficulty...Ch. 2 - What Would You Do? A new bookkeeper cant find the...
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- 22. A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is correcer? a) Every debit balance repeesents an expense b) Assets are represented by debit balances c) Liabilities are represented by debit balances d) Income is included in the list of debit balancearrow_forwardAn account balance is: Multiple Choice The total of the credit side of the account. The total of the debit side of the account. The difference between the total debits and total credits for an account including the beginning balance. Used to identify source documents. Always a credit.arrow_forwardThe type of account with a normal credit balance is: Group of answer choices an asset drawing a revenue an expensearrow_forward
- Which one of the following is not a part of an account? Select one: a. Title b. Credit side c. Trial balance d. Debit sidearrow_forwardA credit is not the normal balance for which account listed below? Select one: a. Owner’s Drawings account b. Revenue account c. Capital account d. Liability accountarrow_forwardWhich of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debitarrow_forward
- The trial balance is used to prove the equality of total debits and total credits of all accounts in the ledger; it is also used to prepare the financial statements. Select one: O True O Falsearrow_forwardTOPIC: Rules of Debit and Credit Instruction: Identify the classification of account. And Choose the letter of the correct answer. Questions: 1. Other Revenue a. Assetsb. Liabilitiesc. Equityd. Income e. Expense 2. Prepaid Renta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 3. Allowance for Doubtful Accountsa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 4. Depreciationa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 5. Delivery Equipmenta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 6. Used Shop Suppliesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 7. Utilities Expensea. Assetsb. Liabilitiesc. Equityd. Income e. Expense 8. Salaries and Wagesa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 9. Beverage Inventorya. Assetsb. Liabilitiesc. Equityd. Income e. Expense 10. Uncollectible Accounta. Assetsb. Liabilitiesc. Equityd. Income e. Expense 11. Landa. Assetsb. Liabilitiesc. Equityd. Income e. Expense 12. Accounts Receivablea. Assetsb. Liabilitiesc. Equityd.…arrow_forwardThe T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.arrow_forward
- The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or a credit.arrow_forwardComplete the following table by indicating for (a) through (g) whether the proper answer is debit or credit:arrow_forwardThe matching principle in accounting requires the matching of debits and credits.arrow_forward
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