All of the following are true regarding journal entries except? Select one: a. Journal entries provide account balances b. The debited account titles are listed first c. Journal entries show the effects of transactions d. Each journal entry should begin with a date
All of the following are true regarding journal entries except? Select one: a. Journal entries provide account balances b. The debited account titles are listed first c. Journal entries show the effects of transactions d. Each journal entry should begin with a date
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...
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Question
All of the following are true regarding journal entries except?
Select one:
a. Journal entries provide account balances
b. The debited account titles are listed first
c. Journal entries show the effects of transactions
d. Each journal entry should begin with a date
When the owner withdraws money from the business for personal use -Which of the following has correct effect on accounting equation ?
Select one:
a. Expense increase and Cash decrease
b. Cash increase and Capital increase
c. Cash decrease and Capital decrease
d. Income increase and Cash decrease
Sales made to Ahmed on credit should be debited to?
Select one:
a. Cash A/C
b. Account Receivable A/C
c. Sales A/C
d. Account Payable A/C
Which of the following is a correct form of the Accounting Equation?
Select one:
a. Assets = Liabilities + Capital
b. Assets + Capital = Liabilities
c. None of the above
d. Assets + Liabilities = Capital
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