2.Revenue is properly recognized:
a) When the customerâ€™s order is received
b) When cash from a sale is received
c.) the end of the accounting period
d) Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price

8. Purchase of an Equipment on credit would do which of the following?
a) Increase a liability and decrease an asset
b) Increase an asset and increase a liability
c) Decrease one asset and increase another asset
d) Decrease a liability and decrease an asset

11. Accounts Payable would appear on which of the following statements?
a) Income statement
b) Balance sheet
c) Statement of ownerâ€™s equity
d) Statement of cash flows

15. The general journal is:
a) A financial statement that lists the assets, liabilities, and ownerâ€™s equity of a business
b) A list of account titles and their balances at a given time
c) A chronological record of business transactions
d) A record of only those transactions which affect balance sheet accounts

17. A debit is used to record:
a) A decrease in an asset account
b) A decrease in a liability account
c) An increase in the balance of an ownerâ€™s capital account
d) An increase in a revenue account

18. A company made the following journal entry:
Cash 5,000
Accounts Receivable 5,000
This journal entry reflects which of the following transactions?
a) Earning a revenue and will receive the amount from the customer at a future date
b) The payment of an account
c) Investment of cash in the business by the owner
d) The collection of an account

20.What kind of account is Jason Jones, Capital?
a) Asset
b) Liability
c) Ownerâ€™s equity
d) None of the above

20.What kind of account is Salaries Expense?
a) Asset
b) Liability
c) Ownerâ€™s equity
d) None of the above

23.Jackson Plumbing Services purchased $8,000 of equipment on credit. Which of the following is the correct general journal entry that should be recorded for this transaction?
a) Accounts payable 8,000
Equipment 8,000
b) Equipment 8,000
Accounts receivable 8,000
c) Equipment expense 8,000
Accounts payable 8,000
d) Equipment 8,000
Accounts payable 8,000

24. A company performed service for a customer and will send a bill next month. What account should the company debit?
a) Cash
b)Accounts receivable
c)Service revenue
d) Accounts payable

25.A company performed service for a customer and will send a bill next month. What account should the company credit?
a) Cash
b) Accounts receivable
c) Service revenue
d) Accounts payable

26.A company paid cash on an account payable. What account should the company debit?
a) Cash
b)Accounts receivable
c) Service revenue
d) Accounts payable

27.A company paid cash on an account owed. What account should be credited?
a) Cash
b) Accounts receivable
c) Service revenue
d) Accounts payable

28. A company paid cash for a 12 month insurance policy. What account should be debited?
a) Prepaid insurance
b) Insurance expense
c) Cash
d) Insurance revenue

51.A company paid cash for the current monthâ€™s rent. What account should be debited?
a) Cash
b) Prepaid rent
c) Accounts payable
d) Rent expense

52.A company purchased office supplies on credit. What account should be debited?
a) Office supplies
b) Cash
c) Accounts payable
d) Accounts receivable

57.To record $5,000 of Depreciation on Equipment, which of the following accounts should be debited?
a) Equipment
b) Depreciation expense
c) Accumulated depreciation
d) cash

59.A company started the year with $2,000 of office supplies. During the year an additional $8,000 of supplies were purchased. A physical count of office supplies on December 31 showed that $3,200 of supplies were available. At December 31, how much should the company record as Supplies Expense for the year?
a) $6,800
b) $3,200
c) $8,000
d) $13,200

64.If the salaries expense account had a $3,400 debit balance in the trial balance, and an adjustment was made debiting the account for $800, then the account would appear on the work sheet as a(n)
a) $4,200 debit balance in the balance sheet columns
b) $800 credit balance in the income statement columns
c) $4,200 credit balance in the adjusted trial balance columns
d) $4,200 debit balance in the adjusted trial balance columns

75. After the closing process is complete, which of the following accounts should not have a zero balance
a) Cash
b) Telephone expense
c) Ownerâ€™s withdrawals
d) Income summary

76.After the closing process is complete:
a) All of the accounts should have a zero balance
b) The revenue, expense, income summary, and ownerâ€™s withdrawals accounts have zero balances
c) The assets, liability, and ownerâ€™s equity accounts have zero balances
d) The revenue, expense, income summary, and ownerâ€™s capital have zero balances

2.Revenue is properly recognized: a) When the customerâ€...