1. Why the left-hand side of an account is called a debit?
2. Footings are used in balancing all accounts. True or false? Please explain.
3. Explain the concept of double entry bookkeeping.
4. Audrey Flet, the bookkeeper of ALN Co., was scheduled to leave on a three-week vacation at 5:00 p.m. on Friday. She could not get the companys trial balance to balance. At 4:30, she decided to put in fictitious figures to make it balance. Audrey told herself she would fix it when she got back from her vacation. Was Audrey right or wrong to do this? Why?