mcq

D ay T V VIEW. Enable Editing X.1.1.1.2. 3. 4. 5. 6.1.7.18. 1.9.1.10 111 112 113 114 115 116 11) In a double-entry accounting system a. a debit entry is recorded on the left side of a T-account. half of all the accounts have a normal credit balance. c. liabilities, owners' equity, and revenue accounts all have normal debit balances. d. Both a and c are correct. b. half of all 12) Which is the correct sequence of accounting procedures? a. Journal, ledger, trial balance, financial statements b. Ledger, trial balance, journal, financial statements c. d. Financial statements, trial balance, ledger, journal Ledger, journal, trial balance, financial statements 13) Jones Company Ltd. purchased supplies for $1.000 during 2014. At year-end Jones had $300 of supplies left. The company had no supplies at the beginning of the year. The adjusting entry should a. debit Supplies, S700. b. debit Supplies Expense. $700. c. credit Supplies, $300. d. debit Supplies, S300. 14) The accountant for Moreau Ltd. failed to make the adjusting entry to record depreciation for the current year. The effect of this error is a. assets are overstated: shareholders' equity and net income are understated. b. assets and expenses are understated, and net income is understated