BIF 101-1: Financial Accounting and Reporting
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According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is
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The TB of XYZ co. has accounts with normal balances
Cash 10,000
Service revenue 170,000
Salary and Wages Payable 8000
Salaries and Wages expense 80,000
Rent Expense 20,000
Common Stock 84000
Dividends 26000
Equipment 122000
The total of debit side of trial balance is
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The purchase of supplies on account should result in
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A revenue account
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The trial balance shows Supplies $0 and Supplies Expense $1,500. If $800 of supplies are on hand at the end of the period, the adjusting entry is
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Adjustment for prepaid expenses
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Accounts that normally have a debit balances are
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Accounts Payable in XYZ Co. Books had a normal balance of 18,000 before passing the journal entry for payment of $5000. What would be the balance in AP after posting the transaction
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Which of the following statements about a journal is false?
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Which of the following statements about an account is true?
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