The Recording Process

According to the textbook, what is the definition of an account?

In a double-entry system, what is the effect of debiting an asset account?

What is the normal balance for liability accounts and what side is used to record an increase?

Which of the following accounts normally has a debit balance?

What is the primary purpose of the journal in the recording process?

An entry that requires three or more accounts is referred to as a:

What is the process of transferring journal entries to the ledger accounts called?

The entire group of accounts maintained by a company, which includes all the asset, liability, and stockholders' equity accounts, is known as the:

The primary purpose of a trial balance is to:

On October 1, Pioneer Advertising purchases office equipment costing $5,000 by signing a 3-month, 12 percent, $5,000 note payable. What is the correct journal entry to record this transaction?

If a trial balance's two columns are not equal and the difference is divisible by 9, the error is most likely a:

On October 31, Pioneer Advertising receives $10,000 in cash from Copa Company for advertising services performed in October. The journal entry to record this transaction would be:

Which of the following is NOT one of the significant contributions a journal makes to the recording process?

Which of the following accounts is increased by a debit?

After posting the October transactions for Pioneer Advertising Inc. shown in Illustration 2-30, what is the ending balance in the Accounts Payable account (No. 201)?

The debit and credit procedure for asset and liability accounts is based on the idea that:

What is a chart of accounts?

A trial balance will still balance even if:

Based on the trial balance for Pioneer Advertising Inc. in Illustration 2-32, what is the total of the debit column?

Which of these accounts are all considered part of stockholders' equity?

When a company receives a cash advance from a client for services to be performed in the future, which accounts are affected?

According to the normal balance rules for debits and credits, which statement is true?

If a company purchases supplies for $800 on account, the journal entry would be:

The expanded accounting equation as shown in Illustration 2-12 is:

In the general ledger for Pioneer Advertising Inc. (Illustration 2-31), what is the final balance of the Dividends account (No. 332) at the end of October?

If a company has a credit balance in the Cash account, it usually indicates:

Which of the following would NOT be a step in the recording process?

The journal entry for a stockholder investing $10,000 cash in the business in exchange for common stock is:

In a T-account, the right side is referred to as the:

A company purchases a truck for $14,000 by paying $8,000 in cash and agreeing to pay the remaining $6,000 on account. This transaction is an example of a:

A correct journal entry was posted to the wrong account. What effect will this have on the trial balance?

What is the correct sequence of steps in the recording process?

On October 26, Pioneer Advertising paid employee salaries of $4,000. What is the journal entry?

Which of the following accounts would typically appear first in a chart of accounts?

After all October transactions for Pioneer Advertising are journalized and posted, what is the final balance in the Cash account before any November activity?

Which statement about the relationship between revenues, expenses, and stockholders' equity is correct?

On October 5, Pioneer Advertising purchases supplies on account from Aero Supply for $2,500. The journal entry would be:

If a company's trial balance has total debits of $28,700, what must the total credits be for the trial balance to be in balance?

Which of the following describes the correct flow of information in the recording process?

The normal balance of the Unearned Service Revenue account is a:

A company debits an expense account for $1,000 and credits cash for $1,000. This transaction will:

What is the purpose of the Reference (Ref.) column in the general journal?

Based on the transaction on October 4 for Pioneer Advertising, where the company pays $600 for a one-year insurance policy, what is the correct journal entry?

The accounting process includes all of the following EXCEPT:

Which account is a contra account to a stockholders' equity account?

If a company's trial balance has an error where a debit of $540 was posted as $450, and a credit of $320 was posted as $230, the trial balance would be out of balance by:

Which of the following would NOT appear on a post-closing trial balance?

What is the correct order of accounts in the ledger, as presented in Chapter 2?

Which of the following is true about a T-account?

If Kate Browne opens a bank account for Hair It Is, Inc. and deposits $20,000 of her own money in exchange for common stock, what is the journal entry?