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ACC 2100

Chapter 3

Which of these statements about a journal is false? It contains only revenue and expense accounts.
What is a Trial Balance is a list of accounts with their balances at a given time
If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates the mathematical equality of the accounting equation
DEAD Expenses, assets, and dividends have a normal debit balance
CURLS Unearned revenue, revenue, liabilities, and stockholders equity
Expenses are always debited
Dividends are always debited
Common stock is always credited
Revenues are always credited
on a journal entry, list the account to be ____(Dr/Cr) fist debited
Left side is debit
right side is credit
The Recording Process Analyses the transaction, Record the transaction in journal, post the transaction to the ledger. Done on a daily basis. steps 1-3.
the journal records transactions in chronological order, does not show the balances of each account
"Posting" refers to the ledger
the ledger has balances of each account
Trial Balance listing of all accounts and their balances
Created by: mghamiter