1) Which of the following represents the correct A) tr ansationsptorect flow of

Question

1) Which of the following represents the correct A) tr ansationsptorect flow of accounting data? occur, transactions are preparedns are analyzed transasctions are joumalized and posted: source documents are prepared are journalized and posted are journalized and posted 8) transactions occur, source documents are prepa are prepared: transactions occur; transactions are analyzed, transactions ocur source documents are prepared, transactions are joumalized and posted: transaction Identify the accounts and the account type -Decide whether each D) transactions 12) Which of the following is the order of steps to journalize an account increases or decreases,then apply the rules of debits and credits B) Decide whether each account increases or decreases, then apply the rules of debits and credits Identify the accounts and the C) Identify the accounts and the account type -Decide whether each account increases or account type- Record the transaction decreases, then apply the rules of debits and credits-Record the transaction D) ldentify the accounts and the account type-Record the transaction - Decide whether each account increases or decreases, then apply the rules of debits and credits 13) A business prepays four months' offioe rent. Which of the following accounts is debited? A) Unearned RentB) Cast C) Rent Expense D) Prepaid Rent 14) A business collects cash from a customer for services that were performed one month earlier. Which of the following accounts is credited? A) Accounts Payable C) Accounts Receivable B) Service Revenue D) Cash 15) Which of the following journal entries would be recorded if a business purchased office supplies on account in a previous accounting period and now makes a cash payment of $750 to the supplier to settle the account? Cash Cash C) Accounts Payable Office D) Cash Accounts Payable

Explanation / Answer

(11) correct flow of accounting data is :- transaction occurred, source documents prepared, transaction analysed, transaction are journalised and posted.

So, option (b) is correct.

(12) correct option for order of steps for journalize an entry is :-. (c)

(13) Prepaid rent account is debited so option (d) is correct.

(14) earlier accounts receivable account was debited when services are provided. Now cash has been received from debtor , so accounts receivable is now credited.

So, option (c) is correct.

(15) when office supplies had been purchased earlier , office supplies has been debited and account payable credited.

So, now accounts payable debited and cash credited.

So, option (b) is correct.

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