MRTS 1342 Final Study Guide with Complete Solutions
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Course
MRTS 1342
Institution
MRTS 1342
MRTS 1342 Final Study Guide with Complete Solutions
What are temporary accounts? - Answer-Begin each cycle with a zero balance
withdrawals, revenue, expenses
Number the accounts as they are in the chart of accounts - Answer-assets - 100s
liabilities - 200s
owner equity 300s
(capital 300s/wi...
MRTS 1342 Final Study Guide with
Complete Solutions
What are temporary accounts? - Answer-Begin each cycle with a zero balance
withdrawals, revenue, expenses
Number the accounts as they are in the chart of accounts - Answer-assets - 100s
liabilities - 200s
owner equity 300s
(capital 300s/withdrawals 350s)
revenue - 400s
expenses - 500s
The type of endorsement that prevents the use of the instrument for anything except the
stated use is - Answer-Restrictive
On the worksheet in the adjustments column, what is adjusted? - Answer-Supplies,
depreciation, and prepaid accounts are all adjusted
The least safe endorsement requires the signature of the person to whom the check is
made payable. This type of endorsement is - Answer-Blank endorsement
What is the fourth column of the worksheet called? - Answer-Adjusted trial balance
What does not appear in the balance sheet column of the worksheet? - Answer-
Revenue
Place the steps of transaction analysis in order - Answer-transaction
which ledger account
what account type
balance
debit/credit
amount to be entered into account
The balances found on the trial balance come directly from the - Answer-Individual
ledger sheets
Within the checking system, the one who pays the money to the person is the - Answer-
Drawee
Revenue an expenses are listed on the - Answer-Income statement
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