Chapter 2 Quiz

Your page rank:

Total word count: 332
Pages: 1

Calculate the Price

- -
275 words
Looking for Expert Opinion?
Let us have a look at your work and suggest how to improve it!
Get a Consultant

Statements that are true:

-Assets are increased by debits -Liabilities are decreased by debits -Revenues are increased by credits

Trial balance

Trial balance can verify the equality of debits and credits, lists all the accounts with their current balances, and can be taken at any time.

Which of the following transactions will increase an asset and increase a liability?

Buying equipment on account

Receiving cash from a customer on account will…

have no effect on total assets

Which of the following is not an asset account?

None of them (salary expense, common stock, and service revenue)

If the credit to record the purchase of supplies on account is not posted,

liabilities will be understated.

An investment of cash by stockholders into the business will:

increase stockholder’s equity.

Purchasing a laptop computer on account will

have no effect on stockholders’ equity, increase total liabilities, increase total assets.

Which of the following transactions will increase an asset and increase stockholders’ equity?

Performing a service on account for a customer.

The journal entry to record the purchase of supplies on account:

debits supplies and credits accounts payable.

Purchasing computer equipment for cash will..

have no effect on total assets, total liabilities, or stockholders’ equity

where do we first record a transaction?

journal

If the credit to record the payment of an account payable is not posted,

cash will be overstated.

A business’ receipt of a $125,000 building, with a $75,000 mortgage payable, and issuance of $50,000 of common stock will…

increase stockholders’ equity by $50,000

The journal entry to record a payment on account will…

debit Accounts Payable and credit cash.

The journal entry to record the receipt of land and a building and the issuance of common stock..

debits land and building and credits common stock.

what is the effect on total assets and stockholders’ equity of paying the telephone bill as soon as it received each month?

Decrease on total assets, Decrease on Stockholders’ equity

Performing a service on account will

increase total assets and stockholders’ equity.

Share This
Flashcard

More flashcards like this

NCLEX 10000 Integumentary Disorders

When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? a) ...

Read more

NCLEX 300-NEURO

A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. I can’t do anything without ...

Read more

NASM Flashcards

Which of the following is the process of getting oxygen from the environment to the tissues of the body? Diffusion ...

Read more

Unfinished tasks keep piling up?

Let us complete them for you. Quickly and professionally.

Check Price

Successful message
sending