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Chapter 2--Analyzing Transactions




Question;46. Owner?s;capital will be reduced by the amount in the drawing account.;True False;47. The;journal includes both debit and credit accounts for each transaction.;True False;48. A;transaction that is recorded in the journal is called a journal entry.;True False;49. Assets;are increased with debits and decreased with credits.;True False;50. Liabilities;are increased with debits and decreased with credits.;True False;51. Debits;will increase Unearned Revenues and Revenues.;True False;52. All;owner?s equity accounts record increases to the accounts with credits.;True False;53. Journal;entries can have more than two accounts as long as the debits equal the;credits.;True False;54. Normal;balances are the side that increase the account balance.;True False;55. When;an owner invests assets in the business, the capital account increases due to;revenue being earned.;True False;56. When;an accounts payable account is paid in cash, the owner's equity in the business;decreases.;True False;57. When;an account receivable is collected in cash, the total assets of the business;increase.;True False;58. The;process of transferring the data from the journal to the ledger accounts is;posting.;True False;59. The;post reference notation used in the ledger is the account number.;True False;60. The;post reference notation used in the journal is the page number.;True False


Paper#55144 | Written in 18-Jul-2015

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