Front

The first step in the posting procedure is writing the

Back

entry date in the Date column of the account.

Front

Assets taken out of a business for the personal use of the owner are called

Back

withdrawals

Front

The entry to establish a $200.00 petty cash fund is

Back

debit Petty Cash, $200.00; credit Cash, $200.00.

Front

If an amount is recorded on the side of a T account that is opposite the normal balance side, the account balance is

Back

decreased

Front

On a work sheet, the balance of the owner’s drawing account is extended to the

Back

Balance Sheet Debit column

Front

Information needed to prepare an income statement’s Revenue section is obtained from a work sheet’s Account Title column and

Back

Income Statement Credit column

Front

When cash is paid for insurance

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Prepaid Insurance is increased

Front

The first digit in the account number 410 means that the account is in the

Back

Revenue division of the general ledger

Front

The journal entry to close Income Summary when there is a net income is

Back

debit Income Summary; credit owner’s capital

Front

Asset accounts include Cash, Prepaid Insurance, and

Back

Accounts Receivable