The process of initially recording a business transaction is called Da, journalizing Ob. posting Oc. balancing Od. closi
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A list of the accounts used by a business is called the Oa. T chart Ob. chart of accounts Oc. journal Od. debit listing
Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. The correct e Oa. Equipment 8.500 Ob. Cash Accounts Payable Cash Accounts Payable Equipment Oc. Equipment Expense Accounts Payable Cash Od. Equipment Cash 2.250 6.250 8.500 2,250 6.250 2.250 8.500 2.250 6.250 2.250
Joshua Scott invests $40,000 into his new business. How would this transaction be entered in the journal in good form? Oa. Cash 40,000 Joshua Scott. Loan Invested cash in business. Ob. Joshua Scott. Loan Cash Od. Cash Invested cash in business. Oc. Joshua Scott, Capital Cash Invested cash in business. Joshua Scott. Capital Invested cash in business. 40.000 40,000 40.000 40.000 40.000 40.000 40.000
Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. (2) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3) (4) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. Total the Debit and Credit columns of the trial balance. What is the proper order of these steps? Oa. (3). (2). (1). (4) Ob. (3). (2). (4). (1) Oc. (2), (3), (4), (1) Od. (4), (3), (2). (1) ¿ 1 D
✪ $ # That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through Oa. income statement Ob. balance sheet Oc. trial balance Od. chart of accounts
Which of the following is not true with a double-entry accounting system? Oa. The sum of all debits is always equal to the sum of all credits in each journal entry. Ob. The accounting equation remains in balance. Oc. Each business transaction will have two debits. Od. Every transaction affects at least two accounts.
Adjusting entries are Oa. the same as correcting entries Ob. rarely needed in large companies Oc. needed to bring accounts up to date and match revenue and expense Od. optional under generally accepted accounting principles