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TRUE OR FALSE
1. When payment is received for services not yet rendered, no entry is recorded until that service
has been rendered.
2. When revenue has been earned, no entry is recorded until the related cash has been collected.
3. In a trial balance, all debits are listed before all credits.
4. In a proper journal entry, credits are always indented.
5. Office supplies are classified as expense
6. It is sometimes correct for a compound entry`s debit totals and credit totals to be unequal
7. The accounts in a chart of accounts are normally listed in alphabetical order
8. When an entity hires a new employee, a recordable event has occurred
9. Companies use the same standard set of accounts
10. Investments by the owner are recorded in the owner`s capital account and not on revenue
B. MULTIPLE CHOICE
2 Acquired medical equipment costing 95,000 from Bora Medical Equipment paying
15,000 in cash, and financing the remainder by issuing a note payable
7 Received 18,450 cash from patients for medical services rendered this week
110 CASH
120 ACCOUNTS RECEIVABLE
130 MEDICAL SUPPLIES
140 MEDICAL EQUIPMENT
210 ACCOUNTS PAYABLE
220 NOTES PAYABLE
310 FEELDOG, CAPITAL
320 FEELDOG, WTIHDRAWAL
410 MEDICAL REVENUES
510 SALARIES EXPENSE
520 RENT EXPENSE
530 LABORATORY EXPENSE
540 MISCELLANEOUS EXPENSE