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  1. Prepare a trial balance by indicating whether each account balance is listed in the debit column or credit column. Common Stock = $9,000.
  2. Prepare a trial balance by indicating whether each account balance is listed in the debit column or credit column. Salaries Expense = $11,000.
  3. Determine which account to debit and which account to credit. Provide services to customers for $26,000 cash.
  4. Auditors
  5. Whats the impact of assets, liabilities and equity equation if you pay utilities of $2000 for the current month?
  6. Purchase land for $19,000. A note payable is signed for the full amount.
  7. Measurement Process Step 5
  8. What is the Financial Accounting Equation if you Receive cash of $1,000 from customers in (1) above.
  9. indicate whether a debit or credit is used to increase (+) or decrease (-) the balance of the account. Dividend
  10. Prepare a trial balance by indicating whether each account balance is listed in the debit column or credit column. Accounts Payable = $3,000.
  11. Issue 10,000 shares of common stock in exchange for $32,000 in cash
  12. Determine which account to debit and which account to credit. Pay utilities of $2,000 for the current month.
  13. Whats the impact of assets, liabilities and equity equation if you purchase equipment by signing a note with the bank for 20000$?
  14. Note payable
  15. General ledger postings
  16. Which of the accounts are decreased on the debit side and increased on the credit side?
  17. Determine the amount to post to the Cash T-account. Pay back bank note of $20,000 in #1 above.
  18. Prepare a trial balance by indicating whether each account balance is listed in the debit column or credit column. Buildings = $15,000.
  19. The balance of a stockholders' equity account increases with a ... and decreases with a .....
  20. When you Provide services to customers on account it is...?
  21. What happens to assets, liability, and equity when you pay a account payable?
  22. When you Purchase office supplies on account it is...?
  23. Financial Accounting Standards Board
  24. Measurement Process, Step 1
  25. What is the Financial Accounting Equation if you Pay $400 for current month's rent.
  26. Prepare a trial balance by indicating whether each account balance is listed in the debit column or credit column. Cash = $4,000.
  27. When you Issue common stock in exchange for cash it is...?
  28. What is the Financial Accounting Equation if you Purchase office supplies for $400 cash.
  29. When you Collect cash from customers for services (on account) it is...?
  30. If the liabilities of a company increased by $55,000 during a month and the stockholders' equity decreased by $21,000 during that same month, did assets increase or decrease and by how much?
  31. Determine the amount to post to the Cash T-account. Pay utilities of $2,000 for the current month.
  32. Measurement Process Step 6
  33. indicate whether a debit or credit is used to increase (+) or decrease (-) the balance of the account. Retained Earnings
  34. T-account
  35. Determine the amount to post to the Cash T-account. Provide services to customers for $26,000 cash.
  36. Measurement Process Step 4
  37. Account recievable
  38. Determine which account to debit and which account to credit. Purchase supplies for $700 cash.
  39. When you Pay rent in advance for the next three months it is...?
  40. Internal transactions
  41. (pic) Cash T-Account
  42. (pic) Chart of accounts
  43. What happens to assets, liability, and equity when you pay rent in advance with cash?
  44. Determine which account to debit and which account to credit. Purchase equipment by signing a note with the bank for $20,000.
  45. (pic )Trial balance
  46. Determine the amount to post to the Cash T-account. Assuming the beginning balance in the Cash T-account is $0, what is the ending balance in the Cash T-account after the five transactions above?
  47. What happens to assets, liability, and equity when you issue stock for cash?
  48. External transactions
  49. What is the Financial Accounting Equation if you Receive a bill of $200 for utility costs in the current period.
  50. Prepare a trial balance by indicating whether each account balance is listed in the debit column or credit column. Retained Earnings = $5,000.
  51. Which of the following is not an asset account?
    Supplies.
    Accounts Payable.
    Equipment.
    Accounts Receivable.
  52. When you Pay for office supplies that were purchased on account it is...?
  53. Indicate how to increase and decrease each account listed below by selecting debit or credit. Accounts Receivable
  54. 5 steps of measurement process
  55. What is the Financial Accounting Equation if you Pay $500 to employee in (3) above.
  56. What happens to assets, liability, and equity when you buy land by singing a note to the bank?
  57. Securities and Exchange Commission
  58. Determine the amount to post to the Cash T-account. Purchase supplies for $700 cash.
  59. Whats the impact of assets, liabilities and equity equation if you purchase supplies for 700$ cash?
  60. Hire three employees for $2,000 per month.
  61. Measurement Process Step 2
  62. When you Pay a cash dividend it is...?
  63. Whats the impact of assets, liabilities and equity equation if you paid back bank note of 20,000$ from the first transaction?
  64. General ledger
  65. What is the Financial Accounting Equation if you Provide services to customers on account, $1,600.
  66. What happens to assets, liability, and equity when you purchase equipment for cash?
  67. What is the Financial Accounting Equation if you Pay $100 for advertising aired in the current period.
  68. What is the Financial Accounting Equation if you Obtain a loan from the bank for $7,000.
  69. Whats the impact of assets, liabilities and equity equation if you provide services to customers for 26,000$?
  70. What is the Financial Accounting Equation if you Issue common stock for $10,000 cash.
  71. Purchase storage container equipment for $8,000
  72. Which of the following is used to increase the balance of a revenue account? Debit or Credit?
  73. Journal
  74. Determine which account to debit and which account to credit. Paid back bank note of $20,000 from the first transaction above.
  75. A company received a bill for newspaper advertising services received, $390. The bill will be paid in 10 days. How would the transaction be recorded today?
  76. Chart of accounts
  77. Measurement Process Step 3
  78. Purchase office supplies for $2,000 on account.
  79. Childers Service Company provides services to customers totaling $2,100, for which it billed the customers. How would the transaction be recorded?
  80. (#1) Determine the amount to post to the Cash T-account. Purchase equipment by signing a note with the bank for $20,000.
  81. Which of the following accounts would normally have a credit balance?
  82. Account
  83. Expenses normally carry a _______ balance and are shown in the _________.
  84. When you Borrow cash from the bank and sign a note it is...?
  85. Account payable
  86. When you Pay for the current month's utilities it is...?
  87. (pic) Journal Format 1 transaction
  88. When a company pays utilities of $1,710 in cash, the transaction is recorded as:
  89. International Accounting Standards Board
  90. Receive cash for $12,000 in rental fees for the current month
  91. When a company pays $2,700 dividends to its stockholders, the transaction should be recorded as:
  92. Pumpkin Inc. sold $500 in pumpkins to a customer on account on January 1. On January 11 Pumpkin collected the cash from that customer. What is the impact on Pumpkin's accounting equation from the collection of cash?
    a.No net effect to the accounting equation.
    b.Decrease assets and increase liabilities.
    c.Increase assets and increase liabilities.
    d.Decrease assets and decrease liabilities.
  93. Determine the amount to post to the Cash T-account. Instead of a beginning balance of $0, what if the beginning balance in the Cash T-account was $3,000. Now, what is the ending balance in the Cash T-account after the five transactions above?
  94. What happens to assets, liability, and equity when you recieve cash in advance from customers?
  95. Utilities Expense is..?
  96. Posting
  97. Pay employees $6,000 for the first month's salaries.
  98. When you Pay salaries for the current month it is...?
  99. Prepare a trial balance by indicating whether each account balance is listed in the debit column or credit column. Service Revenue = $13,000.
  100. (3) What is the Financial Accounting Equation if you Hire a new employee, who will be paid $500 at the end of each month.
  1. a $0 = +$200 + -$200
  2. b Debit-Supplies, Credit-cash
  3. c Debit 4000
  4. d A simplified form of a general ledger account with space at the top for the accounts title and two sides for recording debits and credits
  5. e All accounts used to record the company's transactions (shown in chart of accounts)
  6. f +$1,000 and -$1,000 = $0 + $0
  7. g +$400 and -$400 = $0 + $0
  8. h Assets increase and liabilities increase
  9. i a.No net effect to the accounting equation.
  10. j Increase in Debit, Decrease in Credit
  11. k Analyze the impact of the transaction on the accounting equation.
  12. l Debit accounts receivable $2,100, credit service revenue $2,100.
  13. m assets increase, and stockholders' equity increases.
  14. n 20,000 Credit
  15. o
  16. p debit utilities expense; credit cash.
  17. q Events that affect the financial position of the company but do not include an exchange with a separate economic entity
  18. r 6300 Debit
  19. s No effect on all 3
  20. t
    A list of all the accounts and their balances at a particular date, showing that total debits equal total credits
  21. u Body that is attempting to develop a single set of high-quality, understandable global accounting standards.
  22. v Record of cash that will be received from a customer to whom a business has sold products on credit
  23. w Debit 11000
  24. x 700 Credit
  25. y debit cash; credit notes payable
  26. z Increase in Credit, Decrease in Debit
  27. aa Transactions the firm conducts with a separate economic entity
  28. ab $34,000 increase
  29. ac One asset increases and another asset decreases.
  30. ad Debit-Equipment, Credit-Notes Payable
  31. ae Assets (cash) decrease, Liabilities (accounts payable)Decrease, no change in equity.
  32. af Debit salaries expense; credit cash
  33. ag Debit Dividends; credit Cash.
  34. ah Debit
  35. ai +$1,600 = $0 + +$1,600
  36. aj The process of transferring the debit and credit information from the journal to individual accounts in the general ledger
  37. ak Credit 5000
  38. al Debit prepaid rent; credit cash
  39. am Prepare a trial balance.
  40. an 3300 Debit
  41. ao Assets increase, Liabilities increase, No effect on equity.
  42. ap
    transaction (1) causes total assets to increase (+A) and total stockholders' equity to increase (+SE). For each transaction, total debits must equal total credits.
  43. aq Credit,Debit
  44. ar Accounts Payable, Service Revenue, Common Stock.
  45. as Debit dividends; credit cash
  46. at Assets(-20000)=Liabilities(-20000)+Equity(0)
  47. au Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States.
  48. av Assets(20000)=Liabilities(20000)+Equity(0)
  49. aw -$100 = $0 + -$100
  50. ax Assets increase, Liabilities increase, Equity has no effect
  51. ay Debit 15000
  52. az Debit; Income statement
  53. ba A summary of the effects of all transactions related to a particular item over a period of time
  54. bb Debit advertising expense $390, credit accounts payable $390
  55. bc Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded.
  56. bd Use source documents to identify accounts affected by external transactions.
  57. be 2000 Credit
  58. bf Credit
  59. bg Record transactions using debits and credits.
  60. bh Debit accounts receivable; credit service revenue
  61. bi debit accounts payable; credit cash.
  62. bj Assets increase, Equity increases, no effect on Liabilities
  63. bk Assets increase and stockholders' equity increases.
  64. bl No effect on the accounting equation.
  65. bm No Entry
  66. bn
    For assets (such as cash), an amount in the debit or left column always means an increase in the balance. An amount in the credit or right column always means a decrease in the balance.

    • Just the opposite is true for liabilities and stockholders' equity: A debit to a liability or stockholders' equity T-account always means a decrease, and a credit always means an increase.
    5-purchase supplies on account 2300
    7-provide golf training to customers on account 2500
    notice that transactions (5) and (7) are not posted to Eagle's Cash T-account. These transactions did not include the receipt or payment of cash, and therefore they do not affect the balance of cash
  67. bo no effect on all 3
  68. bp Assets decrease and stockholders' equity decreases.
  69. bq
  70. br -$400 = $0 + -$400
  71. bs +$10,000 = $0 + +$10,000
  72. bt
  73. bu debit cash; credit common stock
  74. bv +$7,000 = +$7,000 + $0
  75. bw Credit 3000
  76. bx 26,000 Debit
  77. by Credit 13000
  78. bz a note promising to pay a certain amount of money at a certain time
  79. ca $0 = $0 + $0
  80. cb Assess whether the impact of the transaction results in a debit or credit to the account balance.
  81. cc debit supplies; credit accounts payable.
  82. cd Post the transaction to the T-accounts in the general ledger.
  83. ce Credit 9000
  84. cf Assets(0)=Liabilities(0)+Equity(0)
  85. cg A list of all account names used to record transactions of a company
  86. ch Liabilities, stockholders' equity, and revenues.
  87. ci Debit-cash, Credit-Service Revenue
  88. cj Debit-Utilities expense, Credit-Cash
  89. ck Accounts Payable.
  90. cl Assets(-2000)=Liabilities(0)+Equity(-2000)
  91. cm -$500 = $0 + -$500
  92. cn A chronological record of all transactions affecting a firm
  93. co Assets increase and liabilities increase.
  94. cp Assets(26000)=Liabilities(0)+Equity(26000)
  95. cq debit cash; credit accounts receivable.
  96. cr Decrease in Credit , increase in Debit
  97. cs a liability account showing how much is owed for goods and services purchased on credit
  98. ct Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company's financial statements.
  99. cu Debit Utilities Expense $1,710, credit Cash $1,710
  100. cv Debit-Notes Payable, Credit-Cash