Question

2.8. Unearned revenue normally has a credit balance 2.9. Consulting revenue normally has a debit balance 2.10. Sales revenue normally has a credit balance 2.11. Owner's withdrawals normally have a credit balance 2.12. Owner's capital normally has a credit balance 2.13. Equipment normally has a credit balance 2.14. Office supplies normally has a debit balance 2.15. Insurance expense normally has a debit balance a) False a) False a) False b) True b) True b) True a) False b) True a) False b) True a) False b) True a) False b) True a) Falseb)True Q/3. Signify "True" or "False" as applicable for each of the following items as they pertain to journal entries and the general ledger. 3.1. Recording a journal entry will automatically update the associated general ledger account balances. a) False b) True 3.2. A journal contains account balances. 3.3. The general ledger contains account balances. 3.4. Total debits do not need to equal total credits for each individual journal entry, as long as a) False b) True a) False b) True they equal each other for the journal as a whole. a) False b) True 3.5. The flow of information in the posting process goes FROM the general ledger TO the journal. a) False b) True 3.6. A trial balance is a journal that is in balance. a) Falseb) True

Answer 1

2.8) False, unearned revenue always have a debit balance

2.9) True

2.10) True

2.11) False

2.12) True

2.13) False

2.14) True

2.15) True

3.1) True

3.2) False

3.3) True

3.4) False

3.5) False

3.6) True