Accounting 2 Review

At the end of a fiscal period when a balance sheet is prepared, from which document may we find the ending owner's capital balance?

• Worksheet
• Income Statement
• Trail Balance
• Statement of Changes in Owner's Equity

A sales invoice shows merchandise subtotal of $220.00 and sales tax of $13.20. If the terms shown are 2/10 , n/30 and the customer decides to pay within the discount period, What is the discounted amount to be paid?

• $228.80
• $232.22
• $228.54
• $209.88

If an invoice dated September 9 and received on September 12 Shows terms of 2/10, n/30, what is the last day that a discount may be taken?

• September 11
• September 19
• September 22
• October 9

IF owners equity is $25,500, and assets are $37,600, liabililies are

• 25,500.00
• 37,600.00
• 63,100.00
• 12,100.00

Use these Account Balances to complete this question:

Cash in Bank: 3,200.00       Amy Smith, Capital: 6,200.00

Accounts Receivable: ?        Amy Smith, Drawing: 1,000.00

Office Supplies: 300.00          Boarding Revenue: 1,400.00

Office Furniture: 1,200.00      Grooming Revenue: ?

Office Equipment: 1,800.00   Salaries Expense: 300.00

Accounts Payable: ?           Miscellaneous Expense: 200.00

IF the Accounts Receivable balance is $800.00 and Grooming Revenue is $600.00, What is the balance in the Accounts Payable Account?

• 600.00
• 800.00
• 1,200.00
• 2,000.00

Use these Account Balances to complete this question:

Cash in Bank: 3,200.00          Amy Smith, Capital: 6,200.00

Accounts Receivable: ?          Amy Smith, Drawing: 1,000.00

Office Supplies: 300.00          Boarding Revenue: 1,400.00

Office Furniture: 1,200.00      Grooming Revenue: ?

Office Equipment: 1,800.00   Salaries Expense: 300.00

Accounts Payable: ?              Miscellaneous Expense: 200.00

IF the balance in Accounts Payable is $2,000.00 and Grooming Revenue is $400.00, What is the correct balance for the Accounts Receivable account?

• 800.00
• 1,500.00
  

• 2,000.00
• 2,500.00

The process of transferring information from the journal to the individual general ledger accounts is called

• Journalizing
• Posting
• Transferring
• Carrying forward

The source document used when a customer makes payment on his/her account owed would be a

• Sales invoice
• Check
• Receipt
• Memorandum

Each of the following is a business expense except a payment for

• Equipment
• Advertising
• Rent
• Utility Bills

If a customers sends in a payment on his account owed, which of the following statements is true?

• One asset increases and another asset decreases.
• One asset increases and one liability decreases.
• One liability decreases and owners' equity increases.
• One liability increases and owners' equity increases.