Question

PLEASE DO IT BY TPYE NOT PICS QUESTION 1 One purpose of a trial balance is...

PLEASE DO IT BY TPYE NOT PICS

QUESTION 1

One purpose of a trial balance is to prove that debits and credits are equal in the general ledger.

True

False

QUESTION 2

Basic stockholders' equity consists of common stock and the earnings retained in the business.

True

False

QUESTIOB 3

Debit always means

A.

the right side of an account.
B.

an increase.
C.

a decrease.
D.

the left side of an account
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
1
True, One purpose of a trial balance is to prove that debits and credits are equal in the general ledger.Trial balance serves the purpose of proving equlity of total debits and credits
2
False, Basic stockholders' equity consists of common stock and the paid in capital
3
Debit always means the left side of an account
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
PLEASE DO IT BY TPYE NOT PICS QUESTION 1 Select all of the accounts that have...
PLEASE DO IT BY TPYE NOT PICS QUESTION 1 Select all of the accounts that have a natural debit balance: Revenue Liability Expense Asset Retained Earnings Common Stock Dividend QUESTION 2 The five products of financial accounting and the result of the eighth step of the accounting process are: Income Statement, Business Progress Statement, Balance Sheet, Statement of Cash Flows, Asset and Liability Statement Income Statement, Notes to the Income Statement, Statement of Retained Earnings, Notes to the Retained Earnings...
Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with...
Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with the corresponding definition or meaning at the right. 1. Posting A. The cost of operating a business; a decrease in stockholders' equity 2. Expense B. Always an asset 3. Debit C. Side of an account where increases are recorded 4. Trial balance D. Lists a company's accounts and account numbers (no account balances in this item) 5. Equity E. Copying data from the journal...
Question 1 (1 point) In the accounting cycle, the last step is preparing the ________. a...
Question 1 (1 point) In the accounting cycle, the last step is preparing the ________. a closing entries b trial balance d adjusting entries Question 2 (1 point) Which of the following is true of an accrued expense? a It is paid and currently matched with earnings. b It is not paid and currently matched with earnings. c It is neither paid nor currently matched with earnings. d It is paid and not currently matched with earnings. Question 3 (1...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account...
The following is a December 31, 2021, post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Cash $ 59,000 Accounts receivable 43,000 Inventory 49,000 Prepaid insurance 19,000 Equipment 110,000 Accumulated depreciation $ 38,000 Patent (net) 44,000 Accounts payable 14,000 Interest payable 4,000 Notes payable (due in 10 years) 140,000 Common stock 74,000 Retained earnings 54,000 Totals $ 324,000 $ 324,000 a. Calculate the current ratio. b. Calculate the acid-test ratio. c. Calculate the debt to equity ratio....
Trial Balance The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are...
Trial Balance The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $118,600 Accounts Receivable 660,500 Cash ? Common Stock 150,000 Dividends 36,000 Fees Earned 4,330,000 Insurance Expense 18,000 Land 1,850,000 Miscellaneous Expense 30,200 Notes Payable 75,000 Prepaid Insurance 21,600 Rent Expense 390,000 Retained Earnings 1,814,400 Supplies 11,200 Supplies Expense 23,700 Unearned Rent...
1. Under the cash basis of accounting, expense recognition generally does not follow revenue recognition. True...
1. Under the cash basis of accounting, expense recognition generally does not follow revenue recognition. True or False? 2. Accrued revenues are: A. earned and recorded as liabilities before they are received. B. received and recorded as liabilities before they are earned. C. revenues that have not yet been received but have been earned and have been recorded for the first time by an adjusting entry. D. earned and already received and recorded. 3. Revenue must be recognized when (or...
Problem 2-2 (Algo) Accounting cycle through unadjusted trial balance [LO2-3, 2-4] Skip to question [The following...
Problem 2-2 (Algo) Accounting cycle through unadjusted trial balance [LO2-3, 2-4] Skip to question [The following information applies to the questions displayed below.] The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 4,100 Accounts receivable 1,100 Inventory 4,100 Equipment 10,100 Accumulated depreciation 2,600 Accounts payable 2,100 Accrued liabilities 0 Common stock 9,000 Retained earnings 5,700 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent...
Question 1 Part A and B A. The following is a partial year-end adjusted trial balance....
Question 1 Part A and B A. The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 420,000 Loss on sale of investments 46,000 Interest revenue 4,500 Cost of goods sold 220,000 General and administrative expenses 52,000 Restructuring costs 62,000 Selling expenses 31,000 Income tax expense 0 Income tax expense has not yet been recorded. The income tax rate is 40%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes....
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $42,770 Accounts Receivable 116,900 Cash ? Common Stock 15,000 Dividends 24,000 Fees Earned 745,230 Insurance Expense 3,600 Land 50,000 Miscellaneous Expense 9,500 Notes Payable 50,000 Prepaid Insurance 21,600 Rent Expense 48,000 Retained Earnings 60,000 Supplies 4,275 Supplies Expense 6,255 Unearned...
Question 1 The relationship that exists on a balance sheet is: Assets = Liabilities – Equity....
Question 1 The relationship that exists on a balance sheet is: Assets = Liabilities – Equity. None of the above Assets = Liabilities + Equity. Liabilities = Assets + Equity. If a company generates positive net income, all else equal, cash will Uncertain – Insufficient information Increase Stay the same Decrease    Question 3 If a “typical” firm reports a $20 Million dollars of retained earnings on its balance sheet, could its directors declare a $20 million dollar cash dividend...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT