ENTREP - Asynchronous Task

Which of the following statements about an account is true?

• The right side of an account is the debit.

• An account is an individual accounting record of increases and decreases in specific assets, liability, and equity items.

• There are separate accounts for specific assets and liabilities but only one account for equity items.

• The left side of an account is the credit.

Which of the following are part of the accounting cycle process?

I. Analyzing transactions

II. Entering transactions in a journal

III. Posting journal entries to t-accounts

• I only

• I and III only

• II and III only

• I, II, and III

The right side of a t-account is ________.

• The balance of an account

• The Dr side

• The Cr side

• Account title

ABC Company received a cash advance of $1,000 from a customer. What is the Debit? (write only the account title, no need to include the amount)

When a company performs a service but has not yet received payment, it

• Dr. Service revenue

  Cr. Accounts receivable

• Dr. Accounts receivable

  Cr. Service revenue

• Dr. Service revenue

  Cr. Accounts payable

• No accounting transaction

During the first year of ABC operations, the total of the debit entries to the Cash account amounted to 7,000 and the total of the credit entries to the Cash account amounted to 6,600. Find the debit balance of cash account.

On January 1, 2024, ABC Inc. had an Accounts receivable balance of 500,000. During the month, the company made sales on account of 600,000. In addition, ABC Inc. collected 500,000 from customers that owed them money. At the end of January 2024, the Accounts receivable balance is

Which of the following steps in the accounting process is done after journalizing the transactions?

• Preparing the financial statements

• Preparing a trial balance

• Preparing a t-accounts

• Posting journal entries

On February 2024, ENTREP Enterprises received 5,000 cash for services rendered. What account title to be used on credit side?