Fill in the blank options for Questions 1-3:

Account

Asset

Assets

Balance

Chart of accounts

Credit

Credits

Cross-Indexing

Debit

Debits

Decreases

Double Entry

Equities

Increases

Journal

Journalizing

Ledger

Left (debit)

Posted

Right (credit)

Trial Balance

Useful information

Fill in the Blank options for Question 4 (left/right) Blanks:

Assets: Blank 1 Blank 2

Increase/Decrease Increase/Decrease

Liabilities: Blank 1 Blank 2

Increase/Decrease Increase/Decrease

Stockholders Equity: Blank 1 Blank 2

Increase/Decrease Increase/Decrease

Fill in the Blank options Question 5:

Increased by Decreased by

Assests - Credit/Debit Credit/Debit

Liability - Credit/Debit Credit/Debit

Stockholders Equity - Credit/Debit Credit/Debit

Revenue - Credit/Debit Credit/Debit

Expense - Credit/Debit Credit/Debit

Fill in the blank option for Questions 6-12:

Account

Asset

Assets

Balance

Chart of accounts

Credit

Credits

Cross-Indexing

Debit

Debits

Decreases

Double Entry

Equities

Increases

Journal

Journalizing

Ledger

Left (debit)

Posted

Right (credit)

Trial Balance

Useful information

Fill in the blank options for Questions 13 (1-8): The financial accounting process has been shown to consist of eight steps, namely:

Analyze transaction by examining source documents

Journalize and post adjusting entries.

Journalize and post closing entries

Journalize transactions in the journal.

Post journal entries to the accounts in the ledger.

Prepare a post-closing trial balance.

Prepare a trial balance of the accounts and complete the worksheet.

Prepare financial statements.

1. The act of entering a transaction in a journal is called at which time a process known as of each transaction. After a transaction is so entered, it is from the journal to the also takes place so that amounts in the accounts can be readily traced to the original record 2. Accountants do not speak in terms of increases and decreases. Rather, they use technical terminology. Thus, to an account means to place an entry on the left side of the account; to an account means to place an entry on the right side of the account. 3. The procedure requires that an entry has equal debits and credits, which keeps the accounting equation in balance. For each of the following T-accounts, indicate on which side increases are recorded and on which side decreases are recorded: Assets Liabilities Stockholders' Equity 5. Fill in the blanks below with the word debits or credits: Type of account Increased by Decreased by Asset Liability Stockholders' equity Revenue Expense A contains a listing of the ledger accounts and their debit or credit balances to determine that the recording process. 6. equal in Collectively, all of the accounts in the accounting system are referred to as the The list of accounts in an accountings system (often together with their numbers) is called the The basic unit in which data are stored in an accounting system is called an These storage units should be so constructed as to readily receive money measurements of the in the items for which they are established. 8. or 9. 10. Whether or not an account is established is determined largely by whether or not it will provide The difference between the amounts entered as increases in an account and those entered as decreases is called the of the account. 11. side of the account, it follows that 12. Since revenues increase Retained Earnings, and increases in Retained Earnings are recorded on the increases in revenues are recorded on the side of the account. Since expenses decrease Retained Earnings and since decreases in Retained Earnings are recorded on the that increases in expenses are recorded on the side of the account. side of the account, it follows