ACCT 211 Learnsmart Assignment 2 Liberty University Solution

Choose the account(s) below, that would have a normal credit balance.

Prepaid accounts are (assets/liabilities) that represent prepayments of future expenses and are increased with a (debit/credit).

Which of the following statements is correct regarding expenses.

Match the items on the left with their definition on the right.

Recall the required information in a financial statement heading. Rearrange the following line items as they would appear in a heading.

The T-account for Accounts payable had 4 transactions entered in into it. It was increased by $300 and by $100 and decreased by $50 and by $150, respectively. Its balance at the end of the period would be a (debit/credit) balance of $ .

Given the descriptions below, which is (are) true regarding notes receivable? (Check all that apply.)

Which statement best describes a T-account?

Smith Company purchased $8,000 of supplies on credit. Show how to record this transaction to the T-account by selecting the correct answer below.

Which of the following accounts has a normal debit balance?

R&R Programming pays a $900 supply bill that it had received earlier in the month. Illustrate how to record the transaction to the T-accounts by completing the following sentence. Accounts payable would be (debited/credited) on the (left/right) side of the T-account, and Cash would be (debited/credited) on the (left/right) side of the T-account.

Which of the following is required information when entering a transaction into a journal?

To enter transactions on the right side of a T-account means you will (debit/credit) the account and will cause a(n) (decrease/increase) in a liability account.

Gunner Corporation received $300 cash from a client that had been billed earlier in the month. Show how to record this transaction into T-accounts by selecting the correct answer below.

When preparing a trial balance, there are certain steps that need to be followed. Place the following steps in the correct order.

Brown Company paid $40 in cash dividends. Show how to record the transaction to the T-accounts by completing the following sentence. Dividends would be (debited/credited) on the (left/right) side of the T-account, and Cash would be (debited/credited) on the (left/right) side of the T-account.

Which of the following statements is (are) true about accounts receivables? (Check all that apply.)

The stockholder of a business received a $1000 dividend. How would this affect the total equity of the business?

Gunner Company purchased a piece of equipment costing $6,000. She paid $1,000 immediately and put the rest on account. Show how to record this transaction to the T-accounts by selecting the correct answer below.

Which of the following statements is (are) correct regarding the definition of a liability?

Which of the following statements is (are) correct regarding the sides of a T-account?

Match the item on the left with the correct definition on the right

On Jan. 2, Callie Taylor received a $700 payment from a customer previously billed for services performed. The journal entry to record this transaction would include a ________ (debit/credit) to the______________ account and a ___________ (debit/credit) to the Accounts Receivable account.