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Exam 2: Analyzing Transactions

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Question 101

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For each of the following errors,considered individually,indicate whether the error would cause the trial balance totals to be unequal.If the error would cause the trial balance totals to be unequal,indicate whether the debit or credit total is higher and by how much.

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Question 102

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The T account got its name because it resembles the letter "T."

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Question 103

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Which of the following accounts are debited to record increase in balances?

The process of transferring the debits and credits from the journal entries to the ledger accounts is called

Georgia Company has condensed income statements as follows: REQUIRED: Prepare a horizontal analysis of Georgia Company's income statements.Comment on the trends,both favorable and unfavorable.

The process of transferring the data from the journal to the ledger accounts is posting.

A group of related accounts that make up a complete unit is called a trial balance.

An account has three parts to it;a title,an increase side,and a decrease side.

The post reference notation used in the ledger is the account number.

Of the following,which will determine if the accounting equation is in balance?

A list of the accounts is called

The erroneous arrangement of digits,such as writing $45 as $54,is called a slide.

Selected accounts from the ledger of Garrison Company appear below.For each account,indicate the following:

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

The accounts payable account is listed in the chart of accounts as an asset.

The chart of accounts for the Corning Corporation includes the following: On journal page 3,the following transaction was found: $\begin{array}{|c|l|l|}\hline \text { Prepaid Insurance } & 1,530 & \\\hline \text { Cash } & & 1,530 \\\hline\end{array}$ What are the posting references that will be found in the journal entry?

Which of the following statements is not true about liabilities?

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30,2014.

$\begin{array}{|c|c|c|c|c|}\hline \text { March } & 6 & \text { Casih } && 2,500 & \\\hline & & \text { UnearnedFees } & && 2,500 \\\hline & & \text { ????????????} & & \\\hline\end{array}$ What is the best explanation for this journal entry?

Which of the following abbreviations are correct?