Homework Answers
Correct option is: Always
While recording the transactions in the T - Accounts debits side should always be equal to credits side
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When recording transactions in the T-accounts, the debits should equal the credits: Multiple Choice Ο Sometimes...
Should business transactions credits and debits be recorded directly into the ledger accounts? What are the...
Should business transactions credits and debits be recorded directly into the ledger accounts? What are the advantages of recording in the journal before posting transactions into the ledger?
homework for only one choise 6. When making a general journal entry, debits should equal credits:...
homework for only one choise
6. When making a general journal entry, debits should equal credits: a) Always b) Never c) Sometimes d) Only when there is no gain or no loss 7. Sales discounts should be classified as: a) A liability b) An expense c) Contra-revenue d) Revenue 8. Which is not a cash activity listed on the cash flow statement? a) Operating activities b) Purchasing activities c) Investing activities d) Financing activities 9. A financial statement that reports...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
Which of the following is true regarding debits and credits? Multiple Choice Whether a debit or...
Which of the following is true regarding debits and credits? Multiple Choice Whether a debit or credit increases or decreases an account depends on the type of account. Debits increase an account and credits decrease an account. Credits increase an account and debits decrease an account. There are some circumstances that allow for debits and credits to not equal.
Analyzing and Recording Transactions accounting system, Do debits represent positive numbers, and Debits and Credits are...
Analyzing and Recording Transactions accounting system, Do debits represent positive numbers, and Debits and Credits are the foundation for recording tr credits negative? Why?f we record each transaction that occurs in the journal, why do we need to post each of them to the ledger? What is the significance of the ledger? Reply
When revenue is earned from charge account sales, the accountant: Multiple Choice O debits a revenue...
When revenue is earned from charge account sales, the accountant: Multiple Choice O debits a revenue account and credits the capital account. debits Accounts Receivable and credits a revenue account. debits a revenue account and credits Accounts Receivable, O debits Cosh and credits a revenue account
Creating customer invoices in Quickbooks: a. Debits a Revenue Account of choice and credits Accounts Receivable....
Creating customer invoices in Quickbooks: a. Debits a Revenue Account of choice and credits Accounts Receivable. b. Credits a Revenue Account of choice and debits Accounts Receivable. c. Debits a Revenue Account of choice and credits Cash. d. Credits a Revenue Account of choice and debits Cash.
On the date of record for a dividend, the company: Multiple Choice debits Dividends and credits...
On the date of record for a dividend, the company: Multiple Choice debits Dividends and credits Dividends Payable for the amount of the dividend. debits Dividend Expense and credits Cash for the dividend amount debits Dividends Payable and credits Cash for the dividend amount establishes who will receive the dividend payment
Which of the following accounts would be closed? Multiple Choice Ο O Supplies Expense Ο Accounts...
Which of the following accounts would be closed? Multiple Choice Ο O Supplies Expense Ο Accounts Receivable Ο Supplies Ο Accumulated Depreciation
The ledger is: A.a tool used to ensure that debits equal credits. B.a group of accounts...
The ledger is: A.a tool used to ensure that debits equal credits. B.a group of accounts that records results from business transactions. C.a tool used to ensure that all accounts have normal balances. D.a chronological record of the day's transactions.
homework for only one choise
6. When making a general journal entry, debits should equal credits: a) Always b) Never c) Sometimes d) Only when there is no gain or no loss 7. Sales discounts should be classified as: a) A liability b) An expense c) Contra-revenue d) Revenue 8. Which is not a cash activity listed on the cash flow statement? a) Operating activities b) Purchasing activities c) Investing activities d) Financing activities 9. A financial statement that reports...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
Analyzing and Recording Transactions accounting system, Do debits represent positive numbers, and Debits and Credits are the foundation for recording tr credits negative? Why?f we record each transaction that occurs in the journal, why do we need to post each of them to the ledger? What is the significance of the ledger? Reply
When revenue is earned from charge account sales, the accountant: Multiple Choice O debits a revenue account and credits the capital account. debits Accounts Receivable and credits a revenue account. debits a revenue account and credits Accounts Receivable, O debits Cosh and credits a revenue account
Creating customer invoices in Quickbooks: a. Debits a Revenue Account of choice and credits Accounts Receivable. b. Credits a Revenue Account of choice and debits Accounts Receivable. c. Debits a Revenue Account of choice and credits Cash. d. Credits a Revenue Account of choice and debits Cash.
On the date of record for a dividend, the company: Multiple Choice debits Dividends and credits Dividends Payable for the amount of the dividend. debits Dividend Expense and credits Cash for the dividend amount debits Dividends Payable and credits Cash for the dividend amount establishes who will receive the dividend payment
Which of the following accounts would be closed? Multiple Choice Ο O Supplies Expense Ο Accounts Receivable Ο Supplies Ο Accumulated Depreciation
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