A1 Chapter 4

Which is the following is most liquid?

• Supplies

• Cash

• Accounts Receivable

• Prepaid Insurance

Reorder the following into the steps of the accounting cycle

• Journalize Transactions

• Identify Transactions

• Post to the ledgers

Liabilities are listed in ​ (a)   order on the chart of accounts

• alphabetical
• numerical
• amount owed
• any order

Elijah is planning a fundraiser for his school. If he wants to increase the funds collected, should he (a)   to the cash collected?

• debit

• credit

Match the following

• Expense

• Advertising Expense

• Asset

• Sales

• Revenue

• Cash

• Owner's Equity

• Accounts Payable

• Liability

• Capital

Abigail is an accountant and she is arranging accounts in a general ledger, assigning account numbers, and keeping records current. What is this procedure called?

• file maintenance

• account number

• ledger

• financial statement

Lily started a bakery and received cash from Luna as an investment. In this transaction, Lily debits ​ (a)   and ​ (b)   capital.

• cash

• credits

• debit

• sales

• decreases

• supplies

• drawing

Assign Account Numbers for these Expenses

• 530

• Communications Expense

• 510

• Delivery Expense

• 550

• Utilities Expense

• 520

• Advertising Expense

• 540

• Rent Expense

Organize these options into the right categories

Groups:

(a) Asset

,

(b) Liabilities

,

(c) Revenue

,

(d) Owner's Equity

• accounts receivable

• cash

• sales

• supplies

• accounts payable

• capital

• prepaid rent

• drawing

• salary payable

Alphabetize the receivables as they would be listed on the chart of accounts.

• A/R - G. Sieler

• A/R - Pine Supplies

• A/R - Quest Company