ESTIONS, CLASSROOM DEMONSTRATION ERCISES, EXERCISES, AND PROBLEMS DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE Define a ledger. 1. Why is the left-hand side of an account called a debit? 2. Footings are used in balancing all accounts. Truc or false? Please explain. What is the end product of the accounting process? What do we mean when we say that a transaction analysis chart is a teaching device 3. 4. 5. What are the five steps of the transaction analysis chart? 6. Explain the concept of double-entry bookkeeping 7. 8. A trial balance is a formal report. True or false? Please explain. 9. Why are there no debit or credit columns in financial reports? 10. Compare the financial statements prepared from the expanded accounting equation with those prepared from a trial balance. Audrey Flet, the bookkeeper of ALN Co., was schedulcd to leave on a three-week vacation at 5:00 p.m. on Friday. She couldn't get the company's trial balance to balance. At 4:30 p.m., she decided to put in fictitious figures Audrey told herself she would fix it when she got back from her vacation. Was Audrey right 11 to make it balance or wrong to do this? Why? ntingLab Students! Make the grade with MyAccountingLab! Most of the exercises and problems marked with can be found on MyAccountingLab. You can practise them as often as you want, and man of them feature step-by-step guided solutions to help you find the right answer. Excel templates for all questions are available on MyAccountingLab in the Multimedia Library and Chapter Resources sections. CLASSROOM DEMONSTRATION EXERCISES (Excel templates for all questions are available in MyAccounting Lab. Working papers for select questions are available in the print lWorkbook.) The T Account nts CDE1 For the following, foot and balance each account Cash 110 C. Clark, Capital 311 9/5 12,000 800 9/7 6,000 6/9 9/9 6,000 9/3 9/7 4,000 1,000 Transaction Analysis CDE2 Complete the following Account Category Normal Balance A. Accounts Payable Liability Cr. Dr. Cr. B. Taxable Fees Earned C. Accounts Receivable