Exam 2: Recording Business Transactions

The accounting process of copying of amounts from the journal to the appropriate ledger accounts is referred to as:

Receiving a cheque from a customer on account would include a:

What is the first step in the journalizing process?

A chronological record (or history) of an entity's transactions is called a(n):

Purchasing supplies and paying cash for them would:

A trial balance has all of the following features listed below except:

If the credit amount of an entry to record the payment of salaries was not posted:

Assets, shareholders' equity, and expenses are all increased by debits.

The right side of a T-account is always the:

Making a cash payment to settle a debt would include a:

Posting is the process of copying the amounts from the journal to the appropriate accounts in the ledger.

Every accounting transaction involves an increase in at least one account and a decrease in at least one other account.

When the owner of a business invests cash into the business, which of the following accounts is debited?

A credit decreases the balance of which types of accounts?

The accounting transaction to record payment of the telephone bill would include a:

If a trial balance is in balance, the accountant is assured that no mistakes were made either in recording or posting.

Accounts receivable normally has a credit balance.

An owner makes an investment of cash into the business. Such a transaction would include a:

The accounting transaction to record payment of the advertising bill would include a:

The revenue account typically has a credit balance.