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Chapter 2--Analyzing Transactions

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solution


Question

Question;16. Journalizing;is the process of entering amounts in the ledger.;True False;17. Transactions;are listed in the journal chronologically.;True False;18. Journalizing;transactions using the double-entry bookkeeping system will eliminate fraud.;True False;19. Liability;accounts are increased by debits.;True False;20. Expense;accounts are increased by credits.;True False;21. Revenue;accounts are increased by credits.;True False;22. The;normal balance of a capital account is a debit.;True False;23. The;normal balance of the drawing account is a debit.;True False;24. The;normal balance of an expense account is a credit.;True False;25. The;normal balance of revenue accounts is a credit.;True False;26. Withdrawals;decrease owner's equity and are listed on the income statement as a deduction;from revenue.;True False;27. For;a month's transactions for a typical medium-sized business, the salary expense;account is likely to have only credit entries.;True False;28. For;a month's transactions for a typical medium-sized business, the accounts;payable account is likely to have only credit entries.;True False;29. When;a business receives a bill from the utility company, no entry should be made;until the invoice is paid.;True False;30. An;account has three parts to it, a title, an increase side, and a decrease;side.;True False

 

Paper#55142 | Written in 18-Jul-2015

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