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30. MC.03.035 Bright Services pays wages of a part-time employee. The transaction would involve a a. debit to Cash. b. debit to Wages Expense. c. credit to Prepaid Expenses. d. credit to Wages Payable.

30. MC.03.035 Bright Services pays wages of a part-time employee. The transaction would involve a a. debit to Cash. b. debit to Wages Expense. c. credit to Prepaid Expenses. d. credit to Wages Payable.

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter3: Journalizing Transactions
Section: Chapter Questions
Problem 3AP
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30. MC.03.035 Bright Services pays wages of a part-time employee. The transaction would involve a a. debit to Cash. b. debit to Wages Expense. c. credit to Prepaid Expenses. d. credit to Wages Payable. 31. MC.03.036 Patrick Services paid the office rent for the current month. The transaction would involve a a. credit to Prepaid Rent. b. debit to Rent Expense. c. debit to Cash. d. credit to Rent Payable. 32. MC.03.037 Homer Services pays the monthly rent, $5,000. The transaction would involve a a. debit to Rent Expense. b. credit to Rent Payable. c. debit to Cash. d. debit to Prepaid Rent. 33. MC.03.038 P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a: a. credit to P. Baker, Capital. b. credit to P. Baker, Drawing. c. credit to Cash. d. credit to Equipment. 34. MC.03.039 The requires that assets be recorded at the actual cost. a. cost principle b. matching principle c. business entity principle d. fair value principle 35. MC.03.040 For a journal entry to be complete, it must contain a. the date. b. a credit entry. c. a debit entry. d. an explanation. e. All of these listed answers are correct. 36. MC.03.041 Which of the following is correct concerning recording journal entries? a. Dollar signs are always recorded in the journal. b. The credit part of the entry is recorded first. c. The credit account is always indented underneath the debit entry. d. The debit part of the entry is recorded last.
Transcribed Image Text:30. MC.03.035 Bright Services pays wages of a part-time employee. The transaction would involve a a. debit to Cash. b. debit to Wages Expense. c. credit to Prepaid Expenses. d. credit to Wages Payable. 31. MC.03.036 Patrick Services paid the office rent for the current month. The transaction would involve a a. credit to Prepaid Rent. b. debit to Rent Expense. c. debit to Cash. d. credit to Rent Payable. 32. MC.03.037 Homer Services pays the monthly rent, $5,000. The transaction would involve a a. debit to Rent Expense. b. credit to Rent Payable. c. debit to Cash. d. debit to Prepaid Rent. 33. MC.03.038 P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a: a. credit to P. Baker, Capital. b. credit to P. Baker, Drawing. c. credit to Cash. d. credit to Equipment. 34. MC.03.039 The requires that assets be recorded at the actual cost. a. cost principle b. matching principle c. business entity principle d. fair value principle 35. MC.03.040 For a journal entry to be complete, it must contain a. the date. b. a credit entry. c. a debit entry. d. an explanation. e. All of these listed answers are correct. 36. MC.03.041 Which of the following is correct concerning recording journal entries? a. Dollar signs are always recorded in the journal. b. The credit part of the entry is recorded first. c. The credit account is always indented underneath the debit entry. d. The debit part of the entry is recorded last.
37. MC.03.042 Which of the following is true? a. When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. b. The process of transferring information from the journal to the ledger is called journalizing. c. The ledger account form maintains a running balance of the account. d. All of these listed answers are correct. 38. MC.03.043 The is a book or file containing the activity by accounts of a business. a. journal b. trial balance c. general ledger d. income statement 39. MC.03.044 Posting involves a. transferring information from the journal to the ledger. b. transferring information from the income statement to the statement of owner's equity. c. transferring information from ledger to the journal. d. transferring information from the ledger to the balance sheet. 40. MC.03.045 Which of the following is true concerning posting? a. The amount of the transaction should be recorded in either the debit or credit column. b. The ledger account number should be recorded in the Post. Ref. column of the journal. c. The date of the transaction should be written in the account's Date column. d. The page number of the journal should be written in the Post. Ref. column of the ledger account. e. All of these listed answers are correct.
Transcribed Image Text:37. MC.03.042 Which of the following is true? a. When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. b. The process of transferring information from the journal to the ledger is called journalizing. c. The ledger account form maintains a running balance of the account. d. All of these listed answers are correct. 38. MC.03.043 The is a book or file containing the activity by accounts of a business. a. journal b. trial balance c. general ledger d. income statement 39. MC.03.044 Posting involves a. transferring information from the journal to the ledger. b. transferring information from the income statement to the statement of owner's equity. c. transferring information from ledger to the journal. d. transferring information from the ledger to the balance sheet. 40. MC.03.045 Which of the following is true concerning posting? a. The amount of the transaction should be recorded in either the debit or credit column. b. The ledger account number should be recorded in the Post. Ref. column of the journal. c. The date of the transaction should be written in the account's Date column. d. The page number of the journal should be written in the Post. Ref. column of the ledger account. e. All of these listed answers are correct.
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