kindly check my answers :) please also help me with the items i left blank. i dont know what to do. thanks! :)
True or False 16. The gene 1. Transactions are analyzed on the basis of source documents. TRUE 2. Every business transaction affects a minimum of two accounts. TRUE 17. Note certe bear 18. A tri 3. A credit entry to an expense account will increase it. FOUE 4. Normally, income accounts have debit balances. FOUTE 19. A tr 5. An account titled Unearned Revenues is a liability account. Trit 20. A tri 6. A group of accounts in a ledger is called a chart of accounts. beei 7. A listing of the accounts in a ledger is called a chart of accounts. 21. Dou 8. A journal entry may include debits to more than one account and credits to me 22. The than one account, but the total of the debits must always equal the total of accc credits. TRUE 23. An mad 9. The double-entry system means that transactions are recorded both in the jour and in the ledger. FALSE 24. The cred 10. The accounting cycle begins with the recording of the transactions and ends wi the preparation of the financial statement 25. A re P62 11. Debit means decrease and credit means increase. 26. The 27 12. The T-account is sometimes called the book of original entry. FOLLSE 13. In some transactions, the accounting equation may not be maintained. The basi 14. Income statement accounts are also known as temporary accounts. TRUE 15. Amounts entered on the left side of an account, regardless of the account title called credits or charges to the account. Recording Busir 16. The chart of accounts is a system of organizing and numbering the accounts in the general ledger 17. Notes receivable are claims against debtors evidenced by a written promise to pay a certain sum of money at a definite time to the order of a specified person or to bearer 18. A trial balance may balance but may not be correct. FRUE 19. A transposition error means a posting of a journal entry to the wrong ledger account. 20. A trial balance with equal debit and credit totals p oves that all transactions have been correctly journalized and posted to the proper ledger accounts. 21. Double posting of a transaction causes the debits and credits not to balance. 22. The sequence of the account titles in a trial balance depends upon the size of the account balances. 23. An expense may be recognized and recorded although no cash outlay has been made. 24. The normal balance of any account refers to the side of the account-debit or credit-where decreases are recorded. 25. A recording error caused by the erroneous rearrangement of digits, such as writing P627 as P672, is called a transposition. 26. The process of recording a transaction in a journal is called journalizing. 27. The journal is used to classify and summarize transactions, and to prepare data for basic financial statements
