In a double-entry accounting system
A. half of all the accounts have a normal credit balance.
B. liabilities, owners’ equity, and revenue accounts all have normal debit balances.
C. a debit entry is recorded on the left side of a T-account.
D. a debit entry is recorded on the right side of a T-account.
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Which accounts appear on which financial statement?
A. Balance sheet: Receivables, land, payablesIncome statement: Revenues, supplies
Balance sheet: Cash, revenues, landIncome statement: Expenses, payables
C. Balance sheet: Cash, receivables, payables Income statement: Revenues, expenses
D. Balance sheet: Expenses, payables, cash Income statement: Revenues, receivables, land
Which is the correct sequence for recording transactions and preparing financial statements?
A. Ledger, trial balance, journal, financial statements
B. Financial statements, trial balance, ledger, journal
C. Ledger, journal, trial balance, financial statements
D. Journal, ledger, trial balance, financial statements
The error of posting $50 as $500 can be detected by
A. totaling each account’s balance in the ledger.
B. dividing the out-of-balance amount by 2.
C. dividing the out-of-balance amount by 9.
D. examining the chart of accounts.
A doctor purchases medical supplies of $640 and pays $290 cash with the remainder on account. The journal entry for this transaction would be which of the following?
A. SuppliesAccounts ReceivableCash
B. SuppliesAccounts PayableCash
C. SuppliesAccounts PayableCash
D. SuppliesAccounts ReceivableCash
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