December 31, 2022 DEBIT CREDIT

1. Doubtful Accounts Expense 18,000

Allowance for Doubtful Accounts 18,000
To provide allowance for doubtful accounts

2. Doubtful Accounts Expense 12,800

Allowance for Doubtful Accounts 12,800
To provide allowance for doubtful accounts

3. Depreciation Expense – Equipment 33,000

Accumulated Depreciation 33,000
To record depreciation expense of equipment for 9months

4. Depreciation Expense – Furniture and fixtures 7,500

Accumulated Depreciation 7,500
To record depreciation of furniture and fixtures for 6months

5. Interest Expense 4,500

Accrued Interest Payable 4,500
To record accrued interest payable for 2months

6. Insurance Expense 9,000

Prepaid Insurance 9,000
To record insurance expense for the year 2022

7. Prepaid Advertising 8,400

Advertising Expense 8,400
To record advertising expense for 3months

8. Interest Receivable 90
Interest Income 90
To record advertising expense for December
9. Rent Income 360,000
Unearned Rent Income 360,000
To record unearned rent income as of December 31,2022

10. Unearned Tours Revenue 50,000

Tours revenue Earned 50,000
To record tours revenue earned for the year

1.   The debit and credit analysis of a transaction is normally done: a. Before an entry is recorded in the journal.
 2.   Incurring advertising expense on account would be recorded by a: d. Credit to a liability.
 3.   The first step in recording a transaction in the journal is to: a. Record the date. 
4.   Which of the following is not considered a recordable transaction?
c. A customer inquired about the availability of a particular service. 
5.   Which of the following is considered a recordable transaction?
c. A customer received the bill sent by the entity for services rendered.
 16   A journal entry that contains more than two accounts is called a/an: b. Compound journal entry
 7.   When accounting information is accumulated in individual accounts, a chart of accounts is:
c. A listing of all accounts that will be used to accumulate accounting information.
 8.   What function does the general ledger serve in the accounting process? b. Classifying
 9.      A chart of accounts is a/an: c. List of all account titles arranged chronologically
 10.      When a customer buys services on credit, the contract is regarded as complete when: a. The services are rendered.
11.   Most companies adopt a chart of accounts prepared by the:  d. Entity’s accounting department
 12.   What function does an accounting journal serve in the accounting process? c. Recording 
13.   A ledger may be defined as a collection of c. All account titles – asset, liability, equity, income and expense accounts
 14.      Of the following errors, the one that may cause an inequality in the trial balance totals is:
d. Incorrect computation of an account balance
 15.   Which of the following statements is false about a proper journal entry? d. Accounts that are increased are always listed first.

16.      A simple journal entry d. Consists of only one debit and only one credit
 17.   The Posting Reference column in the ledger account shows that a debit or credit entry has been posted when which of the
following is indicated or placed in this column? c. The journal page number 

18.      Which of the following statements is correct about a proper journal entry? d. All debits are recorded before any credits.

19.      A general journal chronologically lists transactions and other events, expressed in terms of debits and credits to the
accounts. a. True 

20.      The equality of debits and credits in the ledger should be verified at the end of each accounting period by preparing:

c. A trial balance

21.      The accounting cycle is: d. The sequence of procedures followed by a business to process accounting information and to
produce or prepare financial statements.

22.      An error of original entry occurs when: a. Either the debit entry or credit entry for a particular transaction is recorded in the
wrong class of account. 

23.      Which of the following steps in the accounting cycle are listed in a logical order? c. Journalize the transactions, post the
journal entries to the ledger accounts, and then prepare the trial balance.

24.      The trial balance uncovers any errors in journalizing and posting prior to the preparation of the financial statements. b. False

 25.      The double posting of a journal entry causes the inequality of the debits and credits.False