Which of the following is the correct sequence of events?

Which of the following is the correct sequence of events?

a. Post; journalize; prepare a trial balance
b. Prepare a trial balance; post; journalize
c. Prepare a trial balance; journalize; post
d. Journalize; post; prepare a trial balance

Answer: D

What type of account is unearned revenue?

What type of account is unearned revenue?

a. liability
b. expense
c. revenue
d. asset

Answer: A

What journal entry is recorded as a result of issuing stock to investors for cash?

What journal entry is recorded as a result of issuing stock to investors for cash?

a. A credit to Cash and a debit to Retained Earnings
b. A debit to Common Stock and a credit to Cash
c. A debit to Cash and a credit to Retained Earnings
d. A debit to Cash and a credit to Common Stock

Answer: D

Which of the following is not a part of a complete journal entry?

Which of the following is not a part of a complete journal entry?

a. The accounts and amounts to be debited and credited
b. The balance of each account affected by the transaction
c. The date of the transaction
d. A brief explanation of the transaction

Answer: B

Accounts with normal credit balances include

Accounts with normal credit balances include

a. revenues and expenses.
b. liabilities and stockholders' equity.
c. revenues and assets.
d. assets and liabilities.

Answer: B

Accounts with normal debit balances include

Accounts with normal debit balances include

a. expenses and assets.
b. liabilities and expenses.
c. stockholders' equity and revenues.
d. assets and liabilities.

Answer: A