Question 1 of 20   The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100

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Question 1 of 20   The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an   [removed] A. $800 debit.   [removed] B. $800 credit.   [removed] C. $2,600 credit.   [removed] D. $2,600 debit.

Question 2 of 20 5.0/ 5.0 Points The business incurred an expense and paid it immediately. To record this transaction,   [removed] A. an expense is debited, and a liability is credited.   [removed] B. an expense is debited, and an asset is credited.   [removed] C. an expense is debited, and Capital is credited.   [removed] D. None of the above

Question 3 of 20 0.0/ 5.0 Points The owner invested personal equipment in the business. To record this transaction,   [removed] A. debit Equipment and credit Accounts Payable.   [removed] B. debit Accounts Payable and credit Equipment.   [removed] C. debit Equipment and credit Capital.   [removed] D. credit Equipment and debit Capital.

Question 4 of 20 0.0/ 5.0 Points When an owner records a credit for $650 for revenue earned but not yet received, the amount of the debit should be   [removed] A. $325.   [removed] B. $0.   [removed] C. $975.   [removed] D. $650.

Question 5 of 20 5.0/ 5.0 Points Which entry records the investment of cash by John, owner of a sole proprietorship?   [removed] A. Debit John, Capital; credit Cash   [removed] B. Debit Cash; credit John, Withdrawals   [removed] C. Debit John, Withdrawals; credit Cash   [removed] D. Debit Cash; credit John, Capital

Question 6 of 20 0.0/ 5.0 Points A debit increases the balance in all of the following accounts except for which one?   [removed] A. Cash   [removed] B. Withdrawals   [removed] C. Expenses   [removed] D. Accounts payable

Question 7 of 20 5.0/ 5.0 Points Which statement about the rules of debit and credit is true?   [removed] A. If accounts receivable is decreased with a credit, the normal balance is a credit.   [removed] B. If accounts payable is increased with a credit, the normal balance is a credit.   [removed] C. If capital is increased with a debit, the normal balance is a debit.   [removed] D. If cash is decreased with a debit, the normal balance is a debit.

Question 8 of 20 0.0/ 5.0 Points Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is a   [removed] A. $55 debit.   [removed] B. $55 credit.   [removed] C. $95 debit.   [removed] D. $95 credit.

Question 9 of 20 0.0/ 5.0 Points The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is   [removed] A. $2,000.   [removed] B. $6,000.   [removed] C. $4,500.   [removed] D. $3,000.

Question 10 of 20 0.0/ 5.0 Points Which type of account has a normal credit balance?   [removed] A. Withdrawals   [removed] B. Assets   [removed] C. Expenses   [removed] D. Revenues

Question 11 of 20 0.0/ 5.0 Points A chart of accounts   [removed] A. is set up in alphabetical order.   [removed] B. includes account balances.   [removed] C. is a listing of all the accounts used by a company.   [removed] D. All of the above

Question 12 of 20 5.0/ 5.0 Points Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to   [removed] A. revenue.   [removed] B. accounts receivable.   [removed] C. accounts payable.   [removed] D. cash.

Question 13 of 20 0.0/ 5.0 Points An account that would be increased by a credit is   [removed] A. cash.   [removed] B. accounts receivable.   [removed] C. utilities expense.   [removed] D. accounts payable.

Question 14 of 20 0.0/ 5.0 Points The business bought supplies on account. To record this transaction,   [removed] A. an expense is debited, and a liability is credited.   [removed] B. an asset is debited, and an asset is credited.   [removed] C. an asset is debited, and a liability is credited.   [removed] D. None of the above

Question 15 of 20 5.0/ 5.0 Points A category that is not in the chart of accounts is   [removed] A. assets.   [removed] B. liabilities.   [removed] C. cash flows.   [removed] D. revenue.

Question 16 of 20 0.0/ 5.0 Points What would be the effect on accounts if the owner withdrew cash?   [removed] A. An asset would be debited, and an expense would be credited.   [removed] B. Withdrawals would be debited, and an asset would be credited.   [removed] C. An asset would be debited, and a revenue would be credited.   [removed] D. An asset would be debited, and Capital would be credited.

Question 17 of 20 0.0/ 5.0 Points The owner of BobCats R Us paid his personal MasterCard bill using a company check. What is the correct entry to record the transaction?   [removed] A. Credit Cash; debit Capital   [removed] B. Credit Cash; debit Supplies Expense   [removed] C. Credit Cash; debit Withdrawals   [removed] D. Credit Cash; debit Accounts Receivable

Question 18 of 20 5.0/ 5.0 Points One asset would be debited and another would be credited if the business   [removed] A. provided services to a cash customer.   [removed] B. paid a creditor.   [removed] C. bought supplies paying cash.   [removed] D. provided services to a credit customer.

Question 19 of 20 0.0/ 5.0 Points The beginning balance in the Computers account was $2,000. The company purchased an additional $1,000 worth of computers. The balance in the account is a   [removed] A. debit of $2,000.   [removed] B. credit of $3,000.   [removed] C. debit of $3,000.   [removed] D. credit of $2,000.

Question 20 of 20 5.0/ 5.0 Points A debit balance is a normal balance for which type of account?   [removed] A. Accounts payable   [removed] B. Revenue   [removed] C. Accounts receivable   [removed] D. Owner’s capital