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Office Supplies had a normal starting balance of $75. There were debit postings of $90 an

Office Supplies had a normal starting balance of $75. There were debit postings of $90 an

 Office Supplies had a normal starting balance of $75. There were debit postings of $90 and credit postings of $70 during the month. The ending balance is

A) $55 debit.

B) $55 credit.

C) $95 debit.

D) $95 credit.

32) Accounts Receivable has a normal balance of $1,000. After collecting $700, the balance in the account is

A) debit $300.

B) debit $1,700.

C) credit $300.

D) credit $1,700.

33) The beginning balance in Cash was $3,500. Additional cash of $1,000 was received. Cheques were written totaling $1,500. The cash balance is

A) $2,000.

B) $6,000.

C) $4,500.

D) $3,000.

34) A credit to an asset account was posted to the Capital account. This error would cause

A) assets to be overstated.

B) liabilities to be overstated.

C) Capital to be understated.

D) Both A and C are correct.

35) A credit to a liability account was posted to an expense account. This error would cause

A) assets to be overstated.

B) liabilities to be overstated.

C) expenses to be overstated.

D) None of the above are correct.

36) A debit to an expense account was posted to a revenue account. This error would cause

A) assets to be overstated.

B) liabilities to be overstated.

C) revenue to be understated.

D) None of the above are correct.

37) A credit to an asset account was posted to a revenue account. This error would cause

A) assets to be overstated.

B) revenue to be overstated.

C) expenses to be overstated.

D) Both A and C are correct.

38) A debit to a liability account was posted to the Capital account. This error would cause

A) assets to be overstated.

B) liabilities to be overstated.

C) Capital to be overstated.

D) None of the above are correct.

39) A debit to an asset account was posted to an expense account. This error would cause

A) liabilities to be overstated.

B) expenses to be overstated.

C) assets to be understated

D) Both B and C are correct.

40) A debit to a liability account was posted to a revenue account. This error would cause

A) revenues to be understated.

B) liabilities to be understated.

C) Capital to be overstated.

D) None of the above are correct.

Tripti 06-Dec-2019

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