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136 the process of recording a transaction in the journal is called a recording b jo 4298942

 

 

136. The process of recording a transaction in the journal is called 
A. recording
B. journalizing
C. posting
D. summarizing

 

137. Scott, Inc. sold $65,000 of stock.  How would this transaction be entered in the journal? 
A. Cash                                65,000
         Capital Stock                65,000
            Sold stock for cash.
B. Cash                            65,000
      Capital Stock                      65,000
            Sold stock for cash.
C. Capital Stock      65,000
        Cash                                     65,000
               Sold stock for cash.
D. Capital Stock           65,000
      Cash                 65,000
         Sold stock for cash.

 

138. 

April

23

Cash

 

14,000

 

 

 

    Capital Stock

 

 

14,000

 

 

         Sold common stock.

 

 

 

 

 

 

 

 

 

This journal entry will 
A. increase Stockholders’ Equity and decrease Cash
B. increase Cash and decrease Stockholders’ Equity
C. increase Cash and increase Stockholders’ Equity
D. decrease Cash and decrease Stockholders’ Equity

 

139. 

May

24

Land

 

53,000

 

 

 

    Cash

 

 

53,000

 

 

         Purchased land for business.

 

 

 

 

 

 

 

 

 

What effect does this journal entry have on the accounts? 
A. Increase to Cash and increase to Land
B. Increase to Land and decrease to Cash
C. Decrease to Cash and decrease to Land
D. Increase to Cash and decrease to Land

 

140. 

May

31

Supplies

 

120

 

 

 

      Accounts Payable

 

 

120

 

 

            ????????????

 

 

 

 

 

 

 

 

 

What is the best explanation for this journal entry? 
A. Purchased supplies with cash.
B. Returned supplies previously purchased.
C. Purchased supplies on account.
D. Paid accounts payable.

 

141. 

March

10

Accounts Payable

 

3,300

 

 

 

      Cash

 

 

3,300

 

 

             Paid creditors on account.

 

 

 

 

 

 

 

 

 

What effect does this journal entry have on the accounts? 
A. Decrease accounts payable, increase cash
B. Increase cash, decrease accounts payable
C. Increase accounts payable, increase cash
D. Decrease accounts payable, decrease cash

 

142. Which of the following accounts would be increased with a credit? 
A. Land, Accounts Payable, Dividends
B. Accounts Payable, Unearned Revenue, Capital Stock
C. Capital Stock, Accounts Receivable, Unearned Revenue
D. Cash, Accounts Receivable, Capital Stock

 

143. In accordance with the rules of debit and credit, which of the following is true? 
A. Debits increase assets.
B. Credits increase assets.
C. Debits increase both assets and retained earnings.
D. Credits increase both assets and liabilities.

 

144. All of the following accounts are increased with a debit except 
A. Unearned Revenues
B. Land
C. Accounts Receivable
D. Cash

 

145. Which of the following stockholder equity accounts follow the same debit and credit rules as liabilities? 
A. Capital Stock only
B. Dividends only
C. Retained Earnings and Capital Stock
D. Retained Earnings, Capital Stock, and Dividends

 

 

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