Post Quiz 2-Merged

20:40, 15/01/2022 Weekly Post-class Online quiz #2: Principles of Accounting-T122WSB-5
Weekly Post-class Online quiz #2

Due Jan 15 at 10:30pm Points 15 Questions 15
Available Jan 15 at 6:30pm - Jan 15 at 10:30pm about 4 hours Time Limit 60 Minutes
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LATEST Attempt 1 13 minutes 14 out of 15
 Correct answers are hidden.
Score for this quiz: 14 out of 15

Submitted Jan 15 at 8:39pm
This attempt took 13 minutes.
Question 1 1 / 1 pts
Which accounts are increased by debits?
Cash and accounts Payable
Salaries Expense and common Stock
Accounts Receivable and Utilities Expense
Accounts Payable and Service Revenue
The purchase of office computers for cash includes a debit to:
Cash and a credit to Office Equipment.
Office Equipment and a credit to Accounts Payable.
https://lms.westernsydney.edu.vn/courses/261/quizzes/2560 1/7
Accounts Receivable and credit to Office Equipment.
Office Equipment and a credit to Cash.
An account will have a debit balance if:
the amount of the credits exceeds the amount of the debits.
the amount of the debits exceeds the amount of the credits.
the account has more debit entries than credit entries.
it is a liability account.
Which error will be uncovered by a trial balance?
The bookkeeper recorded the same journal entry three times.
The bookkeeper forgot to record a journal entry for a large amount.
The bookkeeper recorded both the debit and credit of a journal entry as $200
instead of $700.
The bookkeeper recorded a journal entry with a debit of $400 and a credit of
$400, as a debit of $400 and a credit of $40.
a journal entry that debits cash and credits Accounts Receivable indicates
that:
payment was received on account.
payment was made on account.
revenue increased.
revenue decreased.
The Salaries Payable account is an ________.
liability account with a normal debit balance
asset account with a normal debit balance
liability account with a normal credit balance
asset account with a normal credit balance
The Accounts Payable account of Waterford company has the following

postings:
calculate the ending balance of the account.
$11,000 credit
$15,000 debit
$15,000 credit
$7,000 debit
The trial balance is used to determine if:
total assets equal total liabilities.
total debits of all the accounts equal total credits of all the accounts.
total debits of the income statement accounts equal the total credits of the
income statement accounts.
total debits of the balance sheet accounts equal the total credits of the balance
sheet accounts.
Yellow company had a balance of $34,000 in Accounts Payable at the

beginning of June, and purchased $100,000 of merchandise on account
during the month. at the end of June, Yellow's accounts Payable balance was
$31,000. What amount did Yellow pay on account during June?
$35,000
$69,000
$100,000
$103,000
Which one of the following account groups normally has a credit balance?
assets and liabilities
equity and assets
liabilities and revenues
assets and expenses
Every journal entry:
must increase at least one account and decrease at least one account.
must debit at least one account and credit at least one account.
is recorded in either the journal or the ledger.
affects both an income statement account and a balance sheet account.
A business paid $50,000 cash to purchase equipment. The business would:
debit Equipment for $50,000 and credit Accounts Payable for $50,000.
debit Equipment for $50,000 and credit Cash for $50,000.
debit Cash for $50,000 and credit Notes Payable for $50,000.
debit Accounts Payable for $50,000 and credit Cash for $50,000.
Incorrect Question 13 0 / 1 pts
When an expense account is increased:
an amount is entered on the credit side of the expense account.
an amount is entered on the debit side of the expense account.
cash must always be credited.
stockholders' equity is not affected.
The ledger:
is a grouping of all of the balance sheet accounts only.
is a grouping of all the income statement accounts only.
contains all the accounts used by a business.
contains only the permanent accounts used by a business.
The proper order for the accounting process is:
posting, transaction occurs, journalizing.
transaction occurs, posting, journalizing.
transaction occurs, trAnsaction analyzed, journalizing, and posting.
transaction occurs, posting, trAnsaction analyzed, journalizing.
Quiz Score: 14 out of 15
15/01/2022, 20:24 Weekly Post-class Online quiz #2: Principles of Accounting-T122WSB-5

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On March 31, baker company received a bill and paid for advertising costs
for the current month. This payment results in a:
debit to cash.
debit to Prepaid advertising.
debit to advertising Expense.
credit to advertising Revenue.
A bookkeeper forgot to post a credit to accounts Receivable, but did post the
debit part of the journal entry correctly. Then:
the trial balance would still balance.
total debits would exceed total credits on the trial balance.
total credits would exceed total debits on the trial balance.
total debits and total credits would both be incorrect on the trial balance.
Entries are listed in the journal:
alphabetically.
chronologically.
with income statement accounts first and then balance sheet accounts.
in order of importance.
Which one of the following account groups normally has a credit balance?
assets and liabilities
equity and assets
liabilities and revenues
assets and expenses
The Accounts Payable account of Waterford company has the following

postings:
calculate the ending balance of the account.
$11,000 credit
$15,000 debit
$15,000 credit
$7,000 debit
In order to see a complete trAnsaction in one place, you would need to look
at the:
trial balance.
ledger.
journal.
financial statements.
In order to determine the balance in an account, you must look at the:
source documents.
journals.
ledger.
book of original entry.
Two employees worked one week and were paid salaries of $2500. The
journal entry would:
debit Cash for $2500 and credit Salaries Payable for $2500.
debit Cash for $2500 and credit Salary Expense for $2500.
debit Accounts Payable for $2500 and credit Salary Payable for $2500.
debit Salary Expense for $2500 and credit Cash for $2500.
The purchase of equipment, involving a cash down payment and a promise

to pay the balance in the future, includes:
a debit to Cash and a credit to Equipment.
a debit to Note Payable and a credit to Cash.
a credit to Cash and a credit to Accounts Payable.
a debit to Cash and a debit to Note Payable.
that:
revenue increased.
revenue decreased.
Accounts Payable is an ________ account and has a normal ________

balance.
liability; debit
asset; debit
liability; credit
asset; credit
Which of the following statements is true of the Owner, Capital Account?
It is an equity account that has a normal credit balance.
It is a liability account that has a normal credit balance.
It is a liability account that has a normal debit balance.
It is an equity account that has a normal debit balance.
The proper order for the accounting process is:
posting, transaction occurs, journalizing.
transaction occurs, posting, journalizing.
transaction occurs, trAnsaction analyzed, journalizing, and posting.
transaction occurs, posting, trAnsaction analyzed, journalizing.
If a journal entry includes a debit to Accounts Payable and a credit to cash:
Cash will have a credit balance.
Accounts Payable is increased.
Cash is increased.
Accounts Payable is decreased.
Which of the following statements, regarding the rules of debits and credits,
is CORRECT?
An asset is increased by a credit.
Common stock is increased by a debit.
C liability is increased by a debit.
Revenue is increased by a credit.
1/15/22, 7:02 PM Weekly Post-class Online quiz #2: Principles of Accounting-T122WSB-5

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Decreases in stockholders' equity that result from the cost of operating the
business are:
assets.
revenues.
expenses.
liabilities.
A business purchased office supplies of $23,000 by signing a note. The

business would:
debit Supplies for $23,000 and credit Accounts Payable for $23,000.
debit Supplies for $23,000 and credit Notes Payable for $23,000.
debit Notes Receivable for $23,000 and Credit Supplies for $23,000.
debit Notes Payable for $23,000 and Credit Supplies Expense for $23,000.
Incorrect
at the:
trial balance.
ledger.
journal.
Company a received cash and issued stock to a new stockholder. In

recording this trAnsaction:
cash would be debited.
common Stock would be debited.
cash would be credited.
Retained Earnings would be credited.
A company sold land for the same price that they paid for it last year. When
entering this transaction in the journal, there will be a:
credit to Land.
debit to Land.
debit to Accounts Payable.
credit to Accounts Receivable.
Ranger Pool company owner, Susan Ranger, contributed cash of $40,000 to

the business. Which of the following accounts will be credited?
Accounts Receivable
Cash
Ranger, Capital
Accounts Payable

The ledger:
Which of the following trAnsactions includes a credit to cash?
the purchase of supplies on account
the payment of an accounts payable
the collection of cash from an accounts receivable
receipt of cash from a customer when service is provided
Which of the following statements is true of expenses?
Expenses increase equity, so an expense account's normal balance is a credit

balance.
Expenses decrease equity, so an expense account's normal balance is a

credit balance.
Expenses increase equity, so an expense account's normal balance is a debit

balance.
Expenses decrease equity, so an expense account's normal balance is a debit

balance.
A transaction that includes a debit to an expense and a credit to a liability

indicates that:
revenues increased.
expenses decreased.
liabilities increased.
liabilities decreased.
The entry to record the purchase of supplies on account includes a credit to:
Supplies.
Accounts Payable.
Supplies Expense.
Cash.

This quiz was locked Jan 15 at 10:30pm.
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Cash is increased.
https://lms.westernsydney.edu.vn/courses/261/quizzes/2560?module_item_id=8800 1/7
that:
revenue increased.
revenue decreased.
source documents.
journals.
ledger.
A bookkeeper forgot to post a credit to accounts Receivable, but did post the
debit part of the journal entry correctly. Then:
the trial balance would still balance.
total debits would exceed total credits on the trial balance.
total credits would exceed total debits on the trial balance.
total debits and total credits would both be incorrect on the trial balance.
The trial balance is used to determine if:
total assets equal total liabilities.
total debits of all the accounts equal total credits of all the accounts.
total debits of the income statement accounts equal the total credits of the
income statement accounts.
total debits of the balance sheet accounts equal the total credits of the balance
sheet accounts.
credit to Land.
debit to Land.
A business purchased office supplies of $28,000 on account. The business

would:
debit Accounts Receivable for $28,000 and credit Supplies for $28,000.
debit Supplies for $28,000 and credit Cash for $28,000.
debit Accounts Payable for $28,000 and credit Supplies for $28,000.
debit Supplies for $28,000 and credit accounts Payable for $28,000.

business would:
Prepaid Rent is an ________ account and has a normal ________ balance.
asset; debit
liability; credit
liability; debit
asset; credit
An owner makes an investment of cash into the business and receives

shares of stock. This transaction is recorded as a:
debit to common Stock and a credit to cash.
debit to cash and a credit to Common Stock.
debit to cash and a credit to Retained Earnings.
debit to cash and a credit to Stockholder Revenue.
Yellow company had a balance of $34,000 in Accounts Payable at the

beginning of June, and purchased $100,000 of merchandise on account
during the month. at the end of June, Yellow's accounts Payable balance was
$31,000. What amount did Yellow pay on account during June?
$35,000
$69,000
$100,000
$103,000

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Attempt Time Score


Accounts Receivable
Cash
Ranger, Capital
Accounts Payable
Cash is increased.
What is the last step in the journalizing process?
Record the trAnsaction in the journal.
Post the journal entry to the ledger.
Determine whether each account is increased or decreased by the

trAnsaction.
Specify each account affected by the trAnsaction and classify each account by
type.
For expenses, the category of account and its normal balance is ________.
equity and a credit balance
assets and a debit balance
assets and a credit balance
equity and a debit balance
The Brownstone, capital account for Joe Brownstone, owner of Brownstone

company, had the following transactions for November: An additional capital
contribution of $26,000 on November 1 and an additional capital contribution
of $26,000 on November 15. Assuming a beginning balance in Brownstone,
Capital Account was $16,000, what is the balance in Brownstone, Capital
Account as of November 15?
$42,000 credit
$42,000 debit
$68,000 credit
$68,000 debit

source documents.
journals.
ledger.
The Salaries Payable account is an ________.
liability account with a normal debit balance
asset account with a normal debit balance
liability account with a normal credit balance
asset account with a normal credit balance
Which of the following statements, regarding the rules of debits and credits,
is CORRECT?
An asset is increased by a credit.
Common stock is increased by a debit.
C liability is increased by a debit.
Revenue is increased by a credit.

indicates that:
revenues increased.
expenses decreased.

Which of the following statements regarding a trial balance is TRUE?
A trial balance may be prepared at any time during the accounting period.
A trial balance is a list of all accounts used in a business with their balances.
A trial balance shows whether total debits equal total credits.
All of the above are true.
at the:
trial balance.
ledger.
journal.

business would:

Attempt History
Attempt Time Score

Decreases in stockholders' equity that result from the cost of operating the
business are:
assets.
revenues.
expenses.
liabilities.

business would:
Incorrect
at the:
trial balance.
ledger.
journal.

credit to Land.
debit to Land.

Accounts Receivable
Cash
Ranger, Capital
Accounts Payable

The ledger:
Which of the following trAnsactions includes a credit to cash?
the purchase of supplies on account
the payment of an accounts payable
the collection of cash from an accounts receivable
receipt of cash from a customer when service is provided
Which of the following statements is true of expenses?
Expenses increase equity, so an expense account's normal balance is a credit

balance.
Expenses decrease equity, so an expense account's normal balance is a

credit balance.
Expenses increase equity, so an expense account's normal balance is a debit

balance.
Expenses decrease equity, so an expense account's normal balance is a debit

balance.

indicates that:
revenues increased.
expenses decreased.
The entry to record the purchase of supplies on account includes a credit to:
Supplies.
Accounts Payable.
Supplies Expense.
Cash.

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20:40, 15/01/2022 Weekly Post-class Online quiz #2: Principles of Accounting-T122WSB-5

Weekly Post-class Online quiz #2

 Correct answers are hidden.

Score for this quiz: 14 out of 15

Which accounts are increased by debits?

Cash and accounts Payable

Salaries Expense and common Stock

Accounts Receivable and Utilities Expense

Accounts Payable and Service Revenue

The purchase of office computers for cash includes a debit to:

Cash and a credit to Office Equipment.

Office Equipment and a credit to Accounts Payable.

Accounts Receivable and credit to Office Equipment.

Office Equipment and a credit to Cash.

An account will have a debit balance if:

the amount of the credits exceeds the amount of the debits.

the amount of the debits exceeds the amount of the credits.

the account has more debit entries than credit entries.

Which error will be uncovered by a trial balance?

The bookkeeper recorded the same journal entry three times.

The bookkeeper forgot to record a journal entry for a large amount.

payment was received on account.

payment was made on account.

The Salaries Payable account is an ________.

liability account with a normal debit balance

asset account with a normal debit balance

liability account with a normal credit balance

asset account with a normal credit balance

The Accounts Payable account of Waterford company has the following

calculate the ending balance of the account.

The trial balance is used to determine if:

total assets equal total liabilities.

Yellow company had a balance of $34,000 in Accounts Payable at the

assets and liabilities

equity and assets

liabilities and revenues

assets and expenses

Every journal entry:

is recorded in either the journal or the ledger.

affects both an income statement account and a balance sheet account.

A business paid $50,000 cash to purchase equipment. The business would:

debit Equipment for $50,000 and credit Cash for $50,000.

Incorrect Question 13 0 / 1 pts

When an expense account is increased:

an amount is entered on the credit side of the expense account.

an amount is entered on the debit side of the expense account.

cash must always be credited.

stockholders' equity is not affected.

is a grouping of all of the balance sheet accounts only.

is a grouping of all the income statement accounts only.

contains all the accounts used by a business.

contains only the permanent accounts used by a business.

The proper order for the accounting process is:

posting, transaction occurs, journalizing.

transaction occurs, posting, journalizing.

transaction occurs, trAnsaction analyzed, journalizing, and posting.

transaction occurs, posting, trAnsaction analyzed, journalizing.

Quiz Score: 14 out of 15

Weekly Post-class Online quiz #2

 Correct answers are hidden.

Score for this quiz: 15 out of 15

debit to Prepaid advertising.

debit to advertising Expense.

Accounts Payable is an account and has a normal