If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to a. debit Salary Expense and credit Cash. b. debit Tim Jones, Salary and credit Cash. c. debit Cash and credit Tim Jones, Withdrawals. d. debit Tim Jones, Capital and credit Cash. e. none of the above.

When both debit and credit amounts have been posted to an account, what determines whether the balance is a debit or a credit?

Describe management by objectives (MBO).

Zed Bennett opened an art gallery and, as a dealer completed these transactions:

1. Started the gallery, Artery, by investing $40,000 cash and equipment valued at$18,000.
2. Purchased $70 of office supplies on credit.
3. Paid$1,200 cash for the receptionist’s salary.
4. Sold a painting for an artist and collected a $4,500 cash commission on the sale.
5. Completed an art appraisal and billed the client$200.

What was the balance of the cash account after these transactions were posted?

A. $12,230.

B.$12,430.

C. $43,300.

D.$43,430.

E. $61,430.

Which of the following entries records the payment of insurance for the current month?

a. Cash, debit; Insurance Expense, credit

b. Prepaid Insurance, debit; Cash, credit

c. Insurance Expense, debit; Cash, credit

d. Insurance Expense, debit; Accounts Receivable, credit

If the owner of a company takes merchandise for personal use, what account is debited? a. Owner’s capital b. Owner’s withdrawals c. Purchases d. Cash

Each of the following is a business expense except a payment for a. equipment b. advertising c. rent d. utility bills

An account balance is a. the total of the credit side of the account. b. the total of the debit side of the account. c. the difference between the increases and decreases recorded in the account. d. Assets = Liabilities + Owner’s equity. e. unchanged by posting debits and credits to the account.

A company receives $10,000 in cash for services yet to be performed. Using the accrual method, what's the correct entry to record the transaction?

(A) Debit cash$10,000, credit accounts receivable $10,000

(B) Debit cash$10,000, credit sales revenue$1 0,000

(C) Debit sales revenue$10,000, credit cash $10,000

(D) Debit cash$10,000, credit unearned revenue $10,000

(E) Debit cash$10,000, credit accounts payable $10,000

How do a fixed exchange-rate system and a flexible exchange-rate system differ?

Combustion of natural gas (primarily methane) occurs in most hou sehold heaters. The heat given off in this reaction is used to raise the temperature of the air in the house. Assuming that all the energy given off in the reaction goes to heating up only the air in the house, determine the mass of methane required to heat the air in a house by 10.0 $^{\circ} \mathrm{C}$. Assume that the house dimensions are $30.0 \mathrm{m} \times 30.0 \mathrm{m} \times 3.0 \mathrm{m}$, specific heat capacity of air is 30 $\mathrm{J} / \mathrm{K} \cdot \mathrm{mol}$, and 1.00 mol of air occupies 22.4 L for all temperatures concerned.

Use these account balances to complete the next two questions:

$$\begin{array}{lclc} \text{Cash in Bank} & \text{$\$ 3,200.00$} & \text{Amy Smith, Capital} & \text{$\$ 6,200.00$}\\ \text{Accounts Receivable} & \text{?} & \text{Amy Smith, Drawing} & \text{$1,000.00$}\\ \text{Office Supplies} & \text{300.00} & \text{Boarding Revenue} & \text{$1,400.00$}\\ \text{Office Furniture} & \text{$1,200.00$} & \text{Grooming Revenue} & \text{?}\\ \text{Office Equipment} & \text{$1,800.00$} & \text{Salaries Expense} & \text{300.00}\\ \text{Accounts Payable} & \text{$?$} & \text{Miscellaneous Expense} & \text{200.00}\\ \end{array}$$

If the balance in Accounts Payable is $2,000.00 and Grooming Revenue is$400.00, what is the correct balance for the Accounts Receivable account? a. $800.00 b.$1,500.00 c. $2,000.00 d.$2,500.00

The gross domestic product (GDP) for the United States in 2006 was $13.06 trillion, and the GDP per person was$43,800. Use order of magnitude to approximate the population of the United States in 2006.

The process of transferring information from the journal to the individual general ledger accounts is called a. journalizing b. carrying forward c. transferring d. posting