Accounting Chapter 1-4 Review

The Normal Balance Side of an Asset is

• Debit 
• Credit

The Normal Balance Side of a Liability is

• Debit 
• Credit

The Normal Balance Side of an expense is

• Debit 
• Credit

The Normal Balance Side of a drawing account is

• Debit 
• Credit

The Normal Balance Side of Sales is

• Debit 
• Credit

The Normal Balance Side of Johnson, Capital is

• Debit 
• Credit

THe procedure from transferring information from a journal entry to a ledger account is

• posting
• journalizing
• file maintenance
• none of these

The first digit in the account number 120 means that the account is in the ___ division of the general ledger.

• expense
• revenue
• liability
• asset

A new account to be added between accounts 530 and 540 will be assigned the number

• 531
• 535
• 537
• 539

When services are sold on account, ___

• Accounts Receivable is debited and Sales is credited
• Sales is debited and Accounts Receivable is credited 
• Accounts Payable is debited and Sales is credited
• Sales is debited and Accounts Payable is credited