You are mentoring an accounting intern who asks for clarification about the following:

1. What are some examples of transactions that would need to be recorded or journalized?

2. Can you provide an example of a transaction and the journal entry needed from either Topic 10 or 11 of our textbook or from your current employer?

3. Why is it important to accurately record the transaction you selected?

4. What do you think of when you hear the word debit and credit? How does it differ from the way these terms are used in accounting? What does our eBook say about debits and credits? What is the normal balance of an account?

5. How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type?

6. What is the unadjusted trial balance? What guarantees that it is correct?

7. What possible errors could happen and still allow the trial balance to balance?