STEPS IN THE ACCOUNTING CYCLE

The usual sequence of steps in the recording process is to

a$.$ analyze each transaction, enter the transaction in the journal, and transfer the information

to the ledger accounts.

b$.$ analyze each transaction, enter the transaction in the ledger, and transfer the information

to the journal.

c$.$ analyze each transaction, enter the transaction in the book of accounts, and transfer the

information to the journal.

d$.$ analyze each transaction, enter the transaction in the book of original entry, and transfer

the information to the journal.

A complete journal entry does not show

a$.$ the date of the transaction.

b$.$ the new balance in the accounts affected by the transaction.

c$.$ a brief explanation of the transaction.

d$.$ the accounts and amounts to be debited and credited.

BEHAVIOR OF ACCOUNTS

A debit is not the normal balance for which account listed below?

a$.$ Dividends

b$.$ Cash

c$.$ Accounts Receivable

d$.$ Service Revenue