Which entry would record the payment of a utility bill?

Question 1 of 20

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Which entry would record the payment of a utility bill?

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A. Debit Utilities Expense; credit Cash

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B. Debit Cash; credit Utilities Expense

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C. Debit Utilities Expense; credit Accounts Payable

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D. Debit Accounts Receivable; credit Utilities Expense

Question 2 of 20

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A business incurred an expense and paid it immediately. To record this transaction,

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A. an expense is debited, and a liability is credited.

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B. an expense is debited, and an asset is credited.

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C. an expense is debited, and Capital is credited.

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D. None of the above

Question 3 of 20

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The purpose of posting is to

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A. list the transactions in chronological order in the journal.

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B. provide an explanation of the transaction.

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C. update the account balances in the ledger.

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D. correct a previous entry.

Question 4 of 20

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The general journal

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A. is the book of original entry.

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B. is the book of final entry.

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C. contains account balances.

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D. is completed after the general ledger.

Question 5 of 20

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The first step of the accounting cycle is to

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A. record journal entries.

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B. post to the ledger.

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C. prepare a trial balance.

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D. analyze business transactions.

Question 6 of 20

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A business provided services to a cash customer. To record this transaction,

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A. an asset is debited, and a liability is credited.

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B. an asset is debited, and a revenue is credited.

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C. an expense is debited, and Capital is credited.

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D. None of the above

Question 7 of 20

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Business transactions are first recorded in the

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A. ledger.

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B. journal.

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C. trial balance.

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D. balance sheet.

Question 8 of 20

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Which of the following is not a financial statement?

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A. Balance sheet

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B. Income statement

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C. Statement of owner’s equity

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D. Trial balance

Question 9 of 20

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Which entry records the owner’s taking cash for personal use?

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A. Debit Wage Expense; credit Cash

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B. Debit Capital; credit Cash

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C. No entry is necessary because the owner owns the cash and the entire business.

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D. Debit Withdrawals; credit Cash

Question 10 of 20

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Posting is performed by transferring information from the journal to the

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A. ledger.

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B. trial balance.

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C. balance sheet.

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D. income statement.

Question 11 of 20

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The posting reference column in the ledger is

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A. used to record the journal and page number the transactions originated.

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B. used to record the ledger number.

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C. used to record the date.

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D. not used.

Question 12 of 20

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An account that would be increased by a debit is

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A. cash.

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B. fees earned.

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C. capital.

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D. accounts payable.

Question 13 of 20

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Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

Cash

$1,000

Equipment

500

Accounts Payable

350

Capital

900

Service Fees

1,000

Salaries Expense

750

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A. $3,250 debit, $3,250 credit

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B. $1,125 debit, $1,125 credit

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C. $4,500 debit, $4,500 credit

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D. $2,250 debit, $2,250 credit

Question 14 of 20

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The process that begins with recording business transactions and includes the completion of the financial statements is the

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A. calendar year.

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B. natural business year.

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C. fiscal year.

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D. accounting cycle.

Question 15 of 20

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Which of the following groups of accounts have a normal credit balance?

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A. Revenue, liabilities, and capital

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B. Assets, capital, and withdrawals

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C. Liabilities, expenses, and assets

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D. Assets, expenses, and withdrawals

Question 16 of 20

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During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?

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A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000

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B. Accounts Payable, debit $11,000; Cash, credit $11,000

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C. Cash, debit $11,000; Revenue, credit $11,000

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D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000

Question 17 of 20

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Which error would cause the trial balance to be out of balance?

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A. An entry is posted twice.

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B. An entry isn’t posted at all.

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C. A debit is entered as $200, and a credit is entered at $2,000.

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D. None of the above

Question 18 of 20

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Which of the following is prepared first?

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A. Balance sheet

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B. Income statement

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C. Statement of owner’s equity

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D. Trial balance

Question 19 of 20

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Revenue is traditionally recognized in the accounting records when

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A. cash is received.

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B. services are rendered.

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C. it’s incurred.

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D. None of the above

Question 20 of 20

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A list of all the accounts from the ledger with their ending balances is called a

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A. normal balance.

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B. trial balance.

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C. chart of accounts.

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D. footing.