Answered step by step
Verified Expert Solution
Question
1 Approved Answer
9) The general journal:A) is the book of original entry.B) is the book of final entry.C) contains account balances.D) is completed after the closing entries.10)
9) The general journal:A) is the book of original entry.B) is the book of final entry.C) contains account balances.D) is completed after the closing entries.10) The process of initially recording business transactions in a journal is:A) sliding.B) posting.C) journalizing.D) kiting.11) When recording a transaction in a journal, the account listed first is the _______ entry.A) debit.B) credit.C) increasing.D) highest dollar.12) How are credits distinguished from debits in the journal entry?A) A line separationB) A different colorC) IndentingD) There is no distinction.13) How are explanations entered in the journal?A) They are underlined.B) They are marked with an X before and after the explanation. C) They are indented below the credit entries.D) They are written in all capital letters, in line with the debit entries.14) The journal entry debiting Cash and crediting Capital would be a result of a(n):A) customer payment.B) owner's withdrawal.C) owner’s investment.D) revenue. 15) If you debit Prepaid Insurance, you most likely will:A) credit Fees Earned.B) credit Capital.C) credit Insurance Expense. D) credit Cash.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Thank you for providing the image of the accounting worksheet Lets answer the next set of questions by leveraging standard accounting principles and t...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started