資管系初會實習 10/14(ch2)
1. Multiple Choices
(1.) An accountant has debited an asset account for $1,000 and credited a liability
account for $500. What can be done to complete the recording of the transaction?
a. Nothing further must be done.
b. Debit a stockholders’ equity account for $500.
c. Debit another asset account for $500.
d. Credit a different asset account for $500.
(2.) Which of the following statements is not true?
a. Expenses increase stockholders’ equity.
b. Expenses have normal debit balances.
c. Expenses decrease stockholders’ equity.
d. Expenses are a negative factor in the calculation of net income.
(3.) The usual sequence of steps in the transaction recording process is:
a. journal analyze ledger.
b. analyze journal ledger.
c. journal ledger
d. ledger
analyze.
journal analyze.
(4.) The first step in the recording process is to
a. prepare financial statements.
b. analyze the transaction in terms of its effect on the accounts.
c. post to a journal.
d. prepare a trial balance.
(5.) On June 1, 2003 Donna Lane buys a copier machine for her business and finances this
purchase with cash and a note.
When journalizing this transaction, she will
a. use two journal entries.
b. make a compound entry.
c. make a simple entry.
d. list the credit entries first, which is proper form for this type of transaction.
2. Prepare journal entries in good form for the following transactions.
(a) Owner invested equipment valued at $3,500 and cash of $7,000 into the business.
(b) Purchased office supplies for cash, $550.
(c) Paid $700 for one month’s rent of office space.
(d) Billed a client $2,000 for services rendered.
(e) Owner withdrew $600 for personal living expenses.
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3. Journalize the following transactions for Treadwater Company .
(a) Owner invested $15,000 cash into the business.
(b) Rented an office and paid one month’s rent, $1,100.
(c) Purchased $450 of supplies on account.
(d) Performed a service on account, $1,550.
(e) Paid $2,500 cash for office furniture.
(f) Owner withdrew $1,700 cash for personal use.
(g) Collected $1,200 on account.
4. Journalize the following business transactions in general journal form. Identify each transaction
by number. You may omit explanations of the transactions.
1. Stockholders invest $20,000 in cash in starting a real estate office operating as a corporation.
2. Purchased $400 of office supplies on credit.
3. Purchased office equipment for $7,500, paying $2,500 in cash and signed a 30-day, $5,000,
note payable.
4. Real estate commissions billed to clients amount to $5,000.
5. Paid $700 in cash for the current month's rent.
6. Paid $200 cash on account for office supplies purchased in transaction 2.
7. Received a bill for $500 for advertising for the current month.
8. Paid $2,200 cash for office salaries.
9. Paid $1,200 cash dividends to stockholders.
10. Received a check for $4,000 from a client in payment on account for commissions billed in
transaction 4.
5. State the account to be debited and the account to be credited for the following transactions.
Choose from the following list of accounts: cash, accounts receivable, supplies, equipment,
accounts payable, note payable, capital, withdrawals, service revenue, utilities expense, and salary
expense.
a) Purchased equipment for cash.
b) Performed services for cash.
c) Owner invests cash into the business.
d) Purchased supplies for cash.
e) Purchased equipment by issuing a note payable.
f) Purchased supplies on account.
g) Performed services on account.
h) Received cash on account.
i) Paid a creditor on account.
j) Paid salary of employees for the current period.
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6. Prepare an income statement, an owner’s equity statement, and a balance sheet for the dental
practice of Carl Craft, DDS, from the items listed below for the month of September.
Owner’s equity (September 1)
$40,000
Accounts payable
7,000
Equipment
30,000
Service revenue
27,000
Withdraw
5,000
Dental supplies expense
3,500
Cash
6,000
Utilities expense
700
Dental supplies
2,800
Salaries expense
10,000
Accounts receivable
14,000
Rent expense
2,000
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