Chapter Two Practice Quiz

Question 1

A summary of the ledger that lists the accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(an):

Answer 1

trial balance

Question 2

In which of the following situations would the trial balance not balance?

• A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash
• The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350
• $50 cash receipt for the performance of a service was not recorded
• The purchase of office equipment for $1,200 was posted as a debit to Office Supplies
• The payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750

Answer 2

The payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750

Question 3

The process of copying journal information to update ledger account balances is:

Answer 3

Posting

Question 4

Received cash in advance for appraising an office building - choose the account to be debited

Answer 4

Cash

Question 5

Received cash in advance for appraising an office building - choose the account to be credited

Answer 5

Unearned Appraisal Fees

Question 6

Purchased office supplies on credit. Choose the account to be debited.

Answer 6

Office Supplies

Question 7

Purchased office supplies on credit. Choose the account to be credited.

Answer 7

Accounts Payable

Question 8

Paid a cash dividend. Choose the account to be debited.

Answer 8

Dividends

Question 9

Paid a cash dividend. Choose the account to be credited.

Answer 9

Cash

Question 10

Received the telephone bill of the business and immdeiately paid it. Choose the account to be debited.

Answer 10

Telephone Expense

Question 11

Received the telephone bill of the business and immdeiately paid it. Choose the account to be credited.

Answer 11

Cash

Question 12

Paid the salary of the office assistant. Choose the account to be debited.

Answer 12

Salaries Expense

Question 13

Paid the salary of the office assistant. Choose the account to be credited.

Answer 13

Cash

Question 14

Paid for the supplies purchased in transaction 3. Choose the account to be debited.

Answer 14

Accounts Payable

Question 15

Paid for the supplies purchased in transaction 3. Choose the account to be credited.

Answer 15

Cash

Question 16

Completed an appraisal for a client and immediately collected cash for the work done. Enter the account to be debited

Answer 16

Cash

Question 17

Completed an appraisal for a client and immediately collected cash for the work done. Enter the account to be credited

Answer 17

Appraisal Fees Earned