Question Details

Which of the following gives the correct sequence of accounting procedures 



1.	An $80 credit item is accidentally posted as a debit. The trial balance column totals will therefore differ by
a.	$0.
b.	$40.
c.	$80.
d.	$160.

	2.	Which of the following gives the correct sequence of accounting procedures ?
a.	Financial statements, trial balance, ledger, journal
b.	Financial statements, journal, ledger, trial balance
c.	Journal, ledger, trial balance, financial statements
d.	Ledger, trial balance, journal, financial statements

	3.	Here is the trial balance for McLeary Company:

McLeary Company
Trial Balance
January 31, 2010
Cash	$  3,000	
Accounts Receivable	2,000	
Art Supplies	3,000	
Office Supplies	5,000	
Prepaid Rent	7,000	
Prepaid Insurance	5,000	
Art Equipment	5,000	
Office Equipment	3,000	
Accounts Payable		$  5,000
Art McLeary, Capital		15,000
Art McLeary, Withdrawals	? 	
Advertising Fees Earned		? 
Wages Expense	? 	
Utilities Expense	5,000	
Telephone Expense	     3,000	________
	$         A	$            B

If the balance of the Art McLeary, Withdrawals account were $50,000 and the balance of the Wages Expense account were $5,000, what would be the amount of B?
a.	$62,000
b.	$75,000
c.	$96,000
d.	$76,000

	4.	Here is the trial balance for McLeary Company:

McLeary Company
Trial Balance
January 31, 2010
Cash	$  3,000	
Accounts Receivable	2,000	
Art Supplies	3,000	
Office Supplies	5,000	
Prepaid Rent	7,000	
Prepaid Insurance	5,000	
Art Equipment	5,000	
Office Equipment	3,000	
Accounts Payable		$  5,000
Art McLeary, Capital		15,000
Art McLeary, Withdrawals	? 	
Advertising Fees Earned		? 
Wages Expense	? 	
Utilities Expense	5,000	
Telephone Expense	   3,000	________
	$       A	$           B

If the trial balance showed a balance of $7,000 in the Art McLeary, Withdrawals account and a balance of $15,000 in the Wages Expense account, what would be the amount of Advertising Fees Earned for the period?
a.	$53,000
b.	$43,000
c.	$58,000
d.	$28,000

	5.	Here is the trial balance for McLeary Company:

McLeary Company
Trial Balance
January 31, 2010
Cash	$14,000	
Accounts Receivable	2,000	
Art Supplies	3,000	
Office Supplies	5,000	
Prepaid Rent	7,000	
Prepaid Insurance	5,000	
Art Equipment	5,000	
Office Equipment	3,000	
Accounts Payable		$  5,000
Art McLeary, Capital		15,000
Art McLeary, Withdrawals	7,000 	
Advertising Fees Earned		54,000 
Wages Expense	15,000 	
Utilities Expense	5,000	
Telephone Expense	   3,000	_______
	$74,000	$74,000

On the trial balance, total assets equal
a.	$54,000.
b.	$52,000.
c.	$44,000.
d.	$34,000.



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