Question 1.1.Exhibit 1 Exhibit 1 displays a sales invoice from Emagine IT Group. The journal entry t

Question 1.1.Exhibit 1 Exhibit 1 displays a sales invoice from Emagine IT Group. The journal entry to record this sale would be ________. (Points : 20) April 30Accounts Receivable1500Service Revenue1500To record services performed on account April 30Cash1500Service Revenue1500To record services performed on account May 15Service Revenue1500Accounts Receivable1500To record services performed on account May 15Cash1500Service Revenue1500To record services performed on accountQuestion 2.2.A common technique for correcting a balancing error on the trial balance is to calculate the difference between total debits and total credits and divide this number by 9. If the out-of-balance amount is divisible by 9, the error is most likely due to ________. (Points : 20) an error caused by omitting a journal entry posting a credit balance as a debit balance or vice versa omitting an account on the trial balance a slide or transpositionQuestion 3.3.Exhibit 2Exhibit 2 displays a payment on account from Gillman Paper Company to Emagine IT Group. This transaction would ________for the Emagine IT Group. (Points : 20) decrease assets and increase owner’s equity have no effect on total assets increase assets and owner’s equity decrease liabilities and increase assetsQuestion 4.4.Collection of an accounts receivable balance would result in ________. (Points : 20) a credit to cash and a debit to accounts receivable a debit to cash and a credit to accounts receivable a credit to cash and a debit to sales revenue a debit to cash and a credit to sales revenueQuestion 5.5.Which of the following isNOT true about the trial balance? (Points : 20) it lists all ledger accounts and their balances it provides an accuracy check by indicating whether total debits equal total credits it can be used in lieu of a balance sheet for external reporting purposes it reports general ledger balances as of a specific date

 

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