121. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance?
Performed services and left a bill.
|
$4,200
|
Performed services and collected immediately.
|
$3,500
|
Performed services and billed customer.
|
$2,200
|
Performed services on account.
|
$6,000
|
Received partial payment on account.
|
$1,500
|
A. $17,400
B. $10,900
C. $14,400
D. $ 9,000
E. $15,900
122. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance??
Performed services and left a bill.
|
$4,200
|
Performed services and collected immediately.
|
$3,500
|
Performed services and billed customer.
|
$2,200
|
Performed services on account.
|
$6,000
|
Received partial payment on account.
|
$1,500
|
A. $17,400 credit
B. $14,400 credit
C. $14,400 debit
D. $15,900 credit
E. $15,900 debit
123. A company had the following account balances at year-end:
Cash………………………………………$30,000
Accounts receivable……………………… 32,000
Accounts payable………………………… 20,000
Fees earned…………………………………..65,000
Rent expense…………………………………15,000
Insurance expense……………………………..4,800
Supplies………………………………………..5,000
Common stock………………………………. 5,000
Retained earnings………………………….....14,800
Dividends…………………………………18,000
If all of the accounts have normal balances, what are the total debitson the trial balance?
A. $45,200
B. $67,000
C. $104,800
D. $209,600
E. $186,600
124. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n):
A. Account balance
B. Trial balance
C. Ledger
D. Chart of accounts
E. General journal
125. Which of the following statements are ?
A. If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions.
B. The trial balance is a book of original entry.
C. Another name for trial balance is chart of accounts.
D. The trial balance is a list of all accounts from the ledger with their balances at a point in time.
E. The trial balance is another name for the balance sheet as long as debits balance with credits.
126. A company failed to post a $50 debit to the Office Supplies account. The effect of this error will be that:
A. The Office Supplies account balance will be overstated.
B. The trial balance will not balance.
C. The error will overstate the debits listed in the journal.
D. The total debits in the trial balance will be larger than the total credits.
E. The trial balance will be in balance.
127. A $15 credit to Sales was posted as a $150 credit. By what amount is Sales in error?
A. $150 understated
B. $135 overstated
C. $150 overstated
D. $15 understated
E. $135 understated
128. A trial balance taken at year-end showed total credits exceeding total debits by $4,950. This discrepancy could have been caused by:
A. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.
B. A net income of $4,950.
C. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.
D. The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.
E. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.
129. In which of the following situations would the trial balance not balance?
A. A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash.
B. The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and credit to Accounts Payable.
C. A $50 cash receipt for the performance of a service was not recorded at all.
D. The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200.
E. The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750.
130. The credit purchase of a delivery truck for $4,700 was posted to Delivery Trucks as a $4,700 debit and to Accounts Payable as a $4,700 debit. What effect would this error have on the trial balance?
A. The total of the Debit column of the trial balance will exceed the total of the Credit column by $4,700.
B. The total of the Credit column of the trial balance will exceed the total of the Debit column by $4,700.
C. The total of the Debit column of the trial balance will exceed the total of the Credit column by $9,400.
D. The total of the Credit column of the trial balance will exceed the total of the Debit column by $9,400.
E. The total of the Debit column of the trial balance will equal the total of the Credit column.