69. Which pair of accounts follows the rules of debit and credit in the same manner? A. Service… 2 answers below »

 
   

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69. Which
pair of accounts follows the rules of debit and credit in the same
manner?
A. Service Revenue and Equipment
B. Land and Dividends
C. Notes Payable and Buildings
D. Wages Expense and Service Revenue

70. Which
pair of accounts follows the rules of debit and credit in the opposite
manner?
A. Prepaid Insurance and Dividends
B. Advertising Expense and Land
C. Dividends and Service Revenue
D. Interest Payable and Common Stock

71. The
double-entry system
A. requires that each transaction be recorded with at least one debit and
one credit.
B. requires that the total amount of the debits must always equal the
total amount of the credits.
C. is based on the principle of duality.
D. All of these choices.

72. Which
of the following does not impact the Statement of Retained Earnings?
A. Common Stock
B. Revenues
C. Expenses
D. Dividends

73. Which
of the following is the final step in the accounting cycle?
A. Prepare financial statements.
B. Close the accounts.
C. Prepare an adjusted trial balance.
D. Post the journal entries to the ledger.

74. Which
of the following is the first step in the accounting cycle?
A. Prepare financial statements.
B. Analyzebusiness transactions from source documents.
C. Prepare an adjusted trial balance.
D. Post the journal entries to the ledger.

75. The
declaration of dividends will
A. decrease net income.
B. increase liabilities.
C. not affect total assets.
D. increase stockholders’ equity.

76. A
company records a transaction in which six months’ rent is paid in advance.
Which of the following journal entries records the transaction?
A. Prepaid Rent – Debit; Cash – Credit
B. Rent Receivable – Debit; Cash – Credit
C. Rent Revenue – Debit; Cash – Credit
D. Rent Expense– Debit; Cash – Credit.

77. Receiving
cash from a customer for settlement of an Accounts Receivable will
A. decrease Stockholders’ Equity.
B. increase net income.
C. increase total assets.
D. not affect total assets.

78. Which
of the following events does not require a journal entry?
A. Purchase of a one-year insurance policy.
B. Agreement to perform a service at a future date.
C. Payment for a service performed previously.
D. All of these choices.

79. When
a company has performed a service but has not yet received payment, what is the
required journal entry to be recorded?
A. Accounts Receivable – Debit; Service Revenue – Credit
B. Service Revenue – Debit; Accounts Payable – Credit.
C. Service Revenue – Debit; Accounts Receivable – Credit
D. No entry is required until the cash is received.