CHAPTER 3
CHAPTER 4
CHAPTER 5
CHAPTER 6
CHAPTER 7
100
The cash account is an asset, liability, or capital account,
ASSET
100
A debit is on the ________ side of the account.
left
100
________= credits
debits.
100
T or F You can have more than one asset in a transaction.
True
100
A transposition error is evenly divisible by
9
200
Every business transaction affects at least this many accounts.
2
200
T or F The normal balance side of all accounts is the left side.
False
200
What is the Accounting Equation?
Assets = Liabilities + Capital
200
The source document used when cash is received
Receipt
200
Taking information from a journal to a ledger is called
Posting
300
An asset is anything ____________
Owned
300
Accounts are grouped together in a ____________ ledger
general
300
Do the transaction. Paid the phone bill.
Debit Utilities Expense Credit Cash
300
Chronological record of business transactions
Journal
300
Put these in the correct order when they occur Preparing a Trial Balance Journalizing Posting
Journalizing Posting Preparing a Trial Balance
400
Total Assets = $1000 Total Capital = $800 How much are Liabilities?
200
400
Give the balance side of the following account classifications. Asset Liability Capital
debit credit credit
400
Classify, tell the decrease side and the balance side of Accounts Payable.
Liability, debit, credit
400
When recording a transaction in the General Journal, give an example of a source document that is used
Memo, Debit Memo, or Credit Memo
400
What form proves the equality of debits and credits?
Trial Balance
500
Which ledgers do you post to first, the general or accounts payable and receivable.
Accounts Payable and Receivable.
500
The _______ is the increase side of Accounts Receivable which is classified as a _________ Account.
Debit or left Asset
500
Do the transaction Sold a Delivery Truck on Account to Larrys Trucks.
Debit Accounts Receivable/ Larrys Trucks Credit Delivery Equipment
500
The source document used for a transaction in the Cash Payments Journal
Check
500
This is what appears in the Post Ref column of the journal in a transaction after it has been posted
Account #
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