Question 1

Jackson Brown Footwear had total liabilities of $130 million and total assets of $375 million. Its debt ratio was _______________.

Accepted Answer

The answer of Jackson Brown Footwear had total liabilities of...

Question 2

Indicate on which of the financial statements the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet. More than one statement may be appropriate for some items. $$\begin{array} { | l | l | } 
\hline \text { a. Fees Earned } &\quad\quad \
\hline \text { b. Cash } & \
\hline \text { c. Unearned Reverue } & \
\hline \text { d. Rent expense } & \
\hline \text { e. Retained Earnings } & \
\hline \text { f. Notes Payable } & \
\hline \text { g. Prepaid Rent } & \
\hline \text { 1. Salaries Expense } & \
\hline \text { i. Notes Payable } & \
\hline \text { j. Dividends } & \
\hline
\end{array}$$

Accepted Answer

The answer of Indicate on which of the financial statements...

Question 3

To increase an asset account we would _______________ it and to increase a liability account, we would______________ it.

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The answer of To increase an asset account we would...

Question 4

Unearned revenue is classified as a(an) _______________ on a business's balance sheet.

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The answer of Unearned revenue is classified as a(an) _______________...

Question 5

The _____________________ is found by determining the difference between total debits and total credits for an account, including any beginning balance

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The answer of The _____________________ is found by determining the...

Question 6

Revenues and expenses are two categories of ____________________ accounts.

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The answer of Revenues and expenses are two categories of...

Question 7

Funky Music purchased $25,000 of equipment for cash. The Equipment asset account is _______________ for $25,000 and the cash account is _______________ for $25,000.

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The answer of Funky Music purchased $25,000 of equipment for...

Question 8

The _______________________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts.

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The answer of The _______________________ is a record containing all...

Question 9

_______________ is the process of transferring journal entry information from the journal to the ledger.

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The answer of _______________ is the process of transferring journal...

Question 10

The third step in the analyzing and recording process is to post the information to the ___________________.

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The answer of The third step in the analyzing and...

Question 11

Jason Hope decided to open a hotel, set up as a corporation, in his hometown. Prepare journal entries to record the following transactions. Hope uses the accounts Room Rental Revenue and Event Revenue. All expenses for special events are recorded as Event Expense.

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The answer of Jason Hope decided to open a hotel,...

Question 12

For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account. $\begin{array}{|l|l|cc|}
 \hline \text { Account Title } & \text { Account Type } & \text { Normal Balance } \ 
&&\text { Debit or Credit) }\ 
\hline \text {  a. Prepaid Insurance} & \text {  } & \text {  }\
\hline \text { b. Accounts Payable } & \text {  } & \text {  }\
 \hline\text { c. Common Stock } & \text {  } & \text {  }\
\hline \text {d. Utilities expense  } & \text {  } & \text {  }\
\hline \text {  e. Land} & \text {  } & \text {  }\
 \hline\text { f. Services revenue } & \text {  } & \text {  }\
\hline \text {  g. Notes Receivable} & \text {  } & \text {  }\
\hline \text {  h. Advertising expense} & \text {  } & \text {  }\
 \hline\text { i. Unearned Revenue } & \text {  } & \text {  }\
\hline \text { i. Service Revenue } & \text {  } & \text {  }\
\hline

\end{array}$

Accepted Answer

The answer of For each of the following (1) identify...

Question 13

The four categories of equity accounts are ________________, __________________, ______________________, and ______________________.

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The answer of The four categories of equity accounts are...

Question 14

_____________ and ______________ are the starting points for the analyzing and recording process.

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The answer of _____________ and ______________ are the starting points...

Question 15

A ____________ gives a complete record of each transaction in one place, and shows debits and credits for each transaction.

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The answer of A ____________ gives a complete record of...

Question 16

The posting process is the link between the _______________ and the _____________.

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The answer of The posting process is the link between...

Question 17

A more structured format that is similar to a T-account in that it has columns for debits and credits, but that is different in that it has columns for transaction date, explanation, and the account balance is the _____________________.

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The answer of A more structured format that is similar...

Question 18

Match between columns
                        Premises: Accounts Payable
Fees Revenue
Rent Expense
Unearned Fees Revenues
Rent Expense
Notes Receivable
Wages Payable
Office Equipment
Cash
Common Stock

Accepted Answer

The Answer of Income Statementor and Balance Sheet is...

Question 19

Match between columns
                        Premises: To decrease Supplies.
To increase Salaries Expense.
To increase Dividends.
To decrease Accounts Payable.
To increase Common Stock.
To increase Revenue.
To decrease Cash.
To decrease Accounts Receivable.

Accepted Answer

The Answer of Credit and Debit is...

Question 20

Match between columns
                        Premises: Ledger
Credit
Account
T-account
Journal
Source documents
Double-entry accounting
Trial balance
Debit
Posting

Accepted Answer

The Answer of A list of accounts and their balances is...

Quiz 2: Analyzing for Business Transactions

Jackson Brown Footwear had total liabilities of $130 million and total assets of $375 million. Its debt ratio was _______________.

To increase an asset account we would _ it and to increase a liability account, we would it.

Unearned revenue is classified as a(an) _______________ on a business's balance sheet.

The _____________________ is found by determining the difference between total debits and total credits for an account, including any beginning balance

Revenues and expenses are two categories of ____________________ accounts.

Funky Music purchased $25,000 of equipment for cash. The Equipment asset account is _ for $25,000 and the cash account is _ for $25,000.

The _______________________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts.

_______________ is the process of transferring journal entry information from the journal to the ledger.

The third step in the analyzing and recording process is to post the information to the ___________________.

Jason Hope decided to open a hotel, set up as a corporation, in his hometown. Prepare journal entries to record the following transactions. Hope uses the accounts Room Rental Revenue and Event Revenue. All expenses for special events are recorded as Event Expense.

The four categories of equity accounts are , , , and ______.

_ and __ are the starting points for the analyzing and recording process.

A ____________ gives a complete record of each transaction in one place, and shows debits and credits for each transaction.

The posting process is the link between the ___ and the _.

A more structured format that is similar to a T-account in that it has columns for debits and credits, but that is different in that it has columns for transaction date, explanation, and the account balance is the _____________________.

The following accounts appear on either the Income Statementor Balance Sheet.

Indicate whether a debit or credit entry would be required to record the following changes in each account.

Match the following terms with definitions.