Analyze Transactions

Front

A trial balance is prepared to

Back

summarize the account balances to help prepare financial statements

Front

What will be posted on the post reference column of (a) the journal and (b) on the account?

Back

(a) the account number, (b) the journal page number

Front

The posting process will include the transfer of the following information from the journal to the account: date, amount (debit or credit), journal page number.

Back

date, amount (debit or credit), journal page number

Front

The process of transferring the journal entries to the accounts is known as

Back

posting

Front

Which of the following is true regarding normal balances of accounts? All accounts have a normal debit balance., The normal balance of all accounts will have either a positive or negative balance., Accounts that have a normal debit balance will only have debit entries, never credit entries., The normal balance is the side of the account that increases the account

Back

The normal balance is the side of the account that increases the account

Front

Which of the following group of accounts increase with a credit? Options: Capital, revenues, expenses; Assets, capital, revenues; Liabilities, capital, revenues; None of these

Back

Liabilities, capital, revenues

Front

Which of the following group of accounts are increased with a debit?
assets, liabilities, owner’s equity
assets, drawing, expenses
assets, revenues, expenses
assets, liabilities, revenues

Back

assets, drawing, expenses

Front

The payment for the monthly rent will require the following entry: Debit Rent Expense and Credit Cash

Back

Debit Rent Expense and Credit Cash

Front

All of the following accounts are increased with a debit except: Unearned Revenues, Land, Accounts Receivable, Cash

Back

Unearned Revenues

Front

In accordance with the debit and credit rules, which of the following is true? Debits increase assets.

Back

Debits increase assets.