Quiz Ch 02 – Understanding the Effects of Increasing an Expense Account
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
What happens when an expense account is increased?
What happens when an expense account is increased?
What is the meaning of a journal entry that records a debit to Cash and a credit to Accounts Receivable?
The sum of debits must be equal to the sum of credits in every journal entry.
Given the information — create journal entry’s for the nine transactions.
Your numbers will vary.
Given the marine company’s summarized data — prepare the trial balance, list accounts in order, and find the net income (loss).
Your numbers will vary.
Given trial balance, compute for the total assets, total liabilities, and net income or net loss of the company
Your numbers will vary.
Fill in the chart to show impacts on accounting equation from the different transactions
Given the information on the opened medical practice — create a T-account for cash.
Your numbers will vary.
Given the transactions for the architect company — prepare the journal entries.
Your numbers will vary.