Chapter 2 Sample Problems

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Presentation transcript:

Chapter 2 Sample Problems

1. The detailed record of the changes in a particular asset, liability, or stockholders’ equity is called

2. Which of the following accounts is a liability?

3. The left side of an account is used to record which of the following?

4. Which of the following statements is correct?

5. Your business purchased office supplies of $2,500 on account 5. Your business purchased office supplies of $2,500 on account. The journal entry to record this transaction is as follows:

6. Sedlor Properties purchased office supplies on account for $800 6. Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment of those office supplies?

7. Posting s $2,500 purchase of supplies on account appears as follows:

8. Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error?

9. Which sequence correctly summarizes the accounting process?

10. Nathville Laundry reported assets of $800 and equity of $480 10. Nathville Laundry reported assets of $800 and equity of $480. What is Nathville’s debt ratio? (Round your answer to the nearest whole number.) Liabilities = Assets - Equity Liabilities = ($800-$480)= $320 Debt ratio = (Liabilities / Assets) Debt ratio = $320/$800=40%

11. Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions: The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Requirement 2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. Requirement 3. Prepare the trial balance of Vernon Yung, M.D. as of July 31, 2017.

12. The trial balance as of July 31, 2017, for Sharon Silver, Registered Dietician, is presented below: 1. Prepare the income statement for the month ended July 31, 2017. 2. Prepare the statement of retained earnings for the month ended July 31, 2017. The beginning balance of retained earnings was $0. 3. Prepare the balance sheet as of July 31, 2017. 4. Calculate the debt ratio as of July 31, 2017.