DeVry University - ACCT 212 Week 2 Checkpoint, Questions And Answers. Question :
(TCO 2) When a business purchases land on account
Student
... [Show More] Answer: both assets and stockholders' equity are increased.
assets are decreased and stockholder's equity is increased. both assets and liabilities are increased.
assets are increased and liabilities are decreased.
Instructor Explanation: See Chapter 2. Points Received: 3 of 3
Comments:
Question 2. Question :
(TCO 2) Which of the following transactions will increase one asset and decrease another asset?
Student Answer: The purchase of office supplies on account. The performance of services on account. The purchase of equipment for cash.
The performance of services for cash.
Instructor Explanation: See Chapter 2. Points Received: 3 of 3
Comments:
Question 3. Question :
(TCO 2) A company performs services for a client on account. When the company receives the cash from the customer 1 month later
Student Answer: a revenue account is increased. a liability account is decreased. an asset account is increased.
an expense account is decreased.
Instructor Explanation: See Chapter 2. Points Received: 0 of 3
Comments:
Question 4. Question :
(TCO 2) The left side of a T-account is always the
Student Answer: increase side.
decrease side. debit side.
credit side.
Instructor Explanation: See Chapter 2. Points Received: 3 of 3
Comments:
Question 5. Question :
(TCO 2) Which accounts are increased by debits?
Student Answer: Cash and accounts payable
Salaries expense and common stock Accounts receivable and utilities expense Accounts payable and service revenue
Instructor Explanation: See Chapter 2. Points Received: 0 of 3
Comments:
Question 6. Question :
(TCO 2) When journalizing and posting transactions in the books
Student Answer: the rules of debit and credit are followed to increase or decrease each account. the credit side of the transaction is entered on the left margin.
it is not necessary to use both the journal and the ledger. debits in the journal can be posted as credits in the ledger.
Instructor Explanation: See Chapter 2. Points Received: 3 of 3
Comments: [Show Less]