Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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What two steps are required to open an account with a zero balance? (Check all that apply)
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- Place a check mark next to any account(s) requiring adjustment. Explain why those accounts must be adjusted.arrow_forwardWhat types of accounts are increased with a debit?arrow_forwardAmounts in debit memoranda may be added or deducted from the customer’s account, depending on the situation. do not affect the customer’s account. are added to the customer’s account. are deducted from the customer’s account.arrow_forward
- Discuss, using numerical example why at certain instances the account has both debit and credit balance brought down?arrow_forwardThe T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.arrow_forwardA trial balance will disclose that an error has been made in Entering an amount on the wrong side of account Computing the interest expense on note payable Posting an amount to the wrong ledger account Double-posting two both sides of entry with explanation pleasearrow_forward
- For each transaction, the number of accounts debited must equal the number of accounts credited. True Falsearrow_forwardWhen a financial transaction occurs, it affects at least two accounts and every ledger account has two sides. How can you know on which side the increase or decrease in an account is to be recorded?arrow_forwardA trial balance will disclose that an error has been made in Entering an amount on the wrong side of account Computing the interest expense on note payable Posting an amount to the wrong ledger account Double-posting two both sides of entryarrow_forward
- True or False After posting a transaction, the new balance in an account can be seen in the general ledger.arrow_forwardThe normal balance of an account is on the Debit side of the account Side represented by increase in the account balance Side represented by decrease in the account balance O Credit side of the account with explanation pleasearrow_forwardWhat is the difference between an account and a ledger? What are the parts of a T account? How are transactions recorded in a journal? Do the terms debit and credit signify increase or decrease, or can they signify either? What is a trial balance? If the two totals of a trial balance are equal, does it mean there are no errors in the accounting records?arrow_forward
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