101.During 2014, its first year of operations, Yaspo’s Bakery had revenues of $100,000 and expenses of $55,000. The business paid dividends of $30,000. What is the amount of equity at December 31, 2014?
a.$0
b.$30,000 debit
c.$15,000 credit
d.$45,000 credit
102. On July 7, 2014, Anaya Enterprises performed cash services of $1,400. The entry to record this transaction would include
a.a debit to Service Revenue of $1,400.
b.a credit to Accounts Receivable of $1,400.
c.a debit to Cash of $1,400.
d.a credit to Accounts Payable of $1,400.
103.At September 1, 2014, Crews Co. reported equity of ?204,000. During the month, Crews generated revenues of ?30,000, incurred expenses of ?18,000, purchased equipment for ?7,500 and paid dividends of ?3,000. What is the amount of equity at September 30, 2014?
a.?204,000
b.?12,000
c.?205,500
d.?213,000
104.The final step in the recording process is to
a.analyze each transaction.
b.enter the transaction in a journal.
c.prepare a trial balance.
d.transfer journal information to ledger accounts.
105.The usual sequence of steps in the transaction recording process is:
a.journal ? analyze ? ledger.
b.analyze ? journal ? ledger.
c.journal ? ledger ? analyze.
d.ledger ? journal ? analyze.
106.In recording business transactions, evidence that an accounting transaction has taken place is obtained from
a.business documents.
b.the taxing authority.
c.the public relations department.
d.the IASB.
107.After a business transaction has been analyzed and entered in the book of original entry, the next step in the recording process is to transfer the information to
a.the company's bank.
b.equity.
c.ledger accounts.
d.financial statements.
108.The first step in the recording process is to
a.prepare financial statements.
b.analyze each transaction for its effect on the accounts.
c.post to a journal.
d.prepare a trial balance.
109.Evidence that would
not
help with determining the effects of a transaction on the accounts would be a(n)
a.cash register sales tape.
b.bill.
c.advertising brochure.
d.check.
110.After transaction information has been recorded in the journal, it is transferred to the
a.trial balance.
b.income statement.
c.book of original entry.
d.ledger.