College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 4, Problem 4MC
When fees are earned and the customer promises to pay later, which account is debited?
(a) Cash
(b)
(c) Accounts Payable
(d) Capital
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Which of the following entries records the payment of an account payable?
a.debit Cash; credit Accounts Payable
b.debit Cash; credit Supplies Expense
c.debit Accounts Receivable; credit Cash
d.debit Accounts Payable; credit Cash
Which of the following entries records the receipt of cash from clients on account?
a.Accounts Receivable, debit; Fees Earned, credit
b.Cash, debit; Accounts Receivable, credit
c.Accounts Receivable, debit; Cash, credit
d.Accounts Payable, debit; Fees Earned, credit
Which of the following transactions would be recorded if using the accrual basis ofaccounting but not if using the cash basis of accounting?a. Borrowing moneyb. Paying off loansc. Purchasing inventory on accountd. Collecting customer payments
Chapter 4 Solutions
College Accounting, Chapters 1-27
Ch. 4 - Source documents serve as historical evidence of...Ch. 4 - The chart of accounts lists capital accounts...Ch. 4 - No entries are made in the Posting Reference...Ch. 4 - When entering the credit item in a general...Ch. 4 - When an incorrect entry has been journalized and...Ch. 4 - Prob. 1MCCh. 4 - A revenue account will begin with the number...Ch. 4 - To purchase an asset such as office equipment on...Ch. 4 - When fees are earned and the customer promises to...Ch. 4 - When the correct numbers are used but are in the...
Ch. 4 - Prob. 1CECh. 4 - Prob. 2CECh. 4 - Prob. 3CECh. 4 - Prob. 4CECh. 4 - Trace the flow of accounting information through...Ch. 4 - Name a source document that provides information...Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Where is the first formal accounting record of a...Ch. 4 - Describe the four steps required to journalize a...Ch. 4 - In what order are the accounts customarily placed...Ch. 4 - Explain the primary advantage of a general ledger...Ch. 4 - Explain the five steps required when posting the...Ch. 4 - Prob. 10RQCh. 4 - Explain why the ledger can still contain errors...Ch. 4 - Prob. 12RQCh. 4 - What is a transposition error?Ch. 4 - What is a correcting entry?Ch. 4 - Prob. 1SEACh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Diane Bernick has opened...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEACh. 4 - FINDING AND CORRECTING ERRORS On May 25, after the...Ch. 4 - SERIES A PROBLEMS JOURNALIZING AND POSTING...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - Prob. 1SEBCh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Sengel Moon opened The...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEBCh. 4 - FINDING AND CORRECTING ERRORS On April 25, after...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Benito...Ch. 4 - Prob. 10SPBCh. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - MANAGING YOUR WRITING You are a public accountant...Ch. 4 - MASTERY PROBLEM Barry Bird opened the Barry Bird...Ch. 4 - CHALLENGE PROBLEM Journal entries and a trial...
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- What types of accounts are increased with a debit?arrow_forwardWhat does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?arrow_forwardWhat is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesarrow_forward
- In the revenue cycle, the most significant accounts typically include revenue and accounts receivable. (T/F)arrow_forwardIdentify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered laterarrow_forwardWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forward
- if a customer owes interest on a bill, accounts receivable is debited, and interest expense is credited. True or false?arrow_forwardThe Accounts Question: Why should debits to expense accounts should exceed the credits?arrow_forwardPayables and Receivables. As a financial manager, would you prefer that the accounts payable period end before, at the same time, or after the beginning of the accounts receivable period? Explainarrow_forward
- Which one of the four methods of payments creates an accounts receivable? Select one: a. cash in advance b. open account c. draft d. letter of creditarrow_forwardThe accounts of customers who have not yet made payment for the goods or services are called: O a. Notes payable O b. Accounts Receivable O C. Retained Earnings o d. Accounts Payablearrow_forwardWhich of the following entries records receiving the cash payment from a customer for previous services performed on account. (AP = Accounts Payable, AR = Accounts Receivable)arrow_forward
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