Question 1

________ is the process of transferring journal entry information from the journal to the ledger.

Accepted Answer

The answer of ________ is the process of transferring journal...

Question 2

The ________ is found by determining the difference between total debits and total credits for an account, including any beginning balance.

Accepted Answer

The answer of The ________ is found by determining the...

Question 3

A ________ gives a complete chronological record of each transaction in one place, and shows debits and credits for each transaction.

Accepted Answer

The answer of A ________ gives a complete chronological record...

Question 4

Assets would be increased with a ________ entry and liabilities would be increased with a________ entry.

Accepted Answer

The answer of Assets would be increased with a ________...

Question 5

Jackson Brown Footwear had total liabilities of $127.5 million and total assets of $375 million. Its debt ratio was ________.

Accepted Answer

The answer of Jackson Brown Footwear had total liabilities of...

Question 6

You increase the Service Revenue account on the ________ side of its account.

Accepted Answer

The answer of You increase the Service Revenue account on...

Question 7

Funky Music purchased $25,000 of equipment for cash. The asset account, Equipment, is ________ for $25,000 and the Cash account is ________ for $25,000.

Accepted Answer

The answer of Funky Music purchased $25,000 of equipment for...

Question 8

You decrease the Accounts Payable account on the ________ side of its account.

Accepted Answer

The answer of You decrease the Accounts Payable account on...

Question 9

Match between columns
                        Premises: Compound journal entry
General journal
Posting
Account
Chart of accounts
Posting reference column
Unearned revenues
Note receivable
T-account
Trial Balance

Accepted Answer

The Answer of A record of the increases and decreases is...

Question 10

Match between columns
                        Premises: Ledger
Balance column account
Trial balance
Debit
Account balance
Journal
Chart of accounts
Debt ratio
Credit
Note payable

Accepted Answer

The Answer of A list of accounts and their balances is...

Question 11

Match between columns
                        Premises: Source documents
Debit
Journal
T-account
Posting
Account
Trial balance
Double-entry accounting
Ledger
Credit

Accepted Answer

The Answer of An increase in an asset, dividend, and is...

Quiz 16: Accounting for Business Transactions

________ is the process of transferring journal entry information from the journal to the ledger.

The ________ is found by determining the difference between total debits and total credits for an account, including any beginning balance.

A ________ gives a complete chronological record of each transaction in one place, and shows debits and credits for each transaction.

Assets would be increased with a entry and liabilities would be increased with a entry.

Jackson Brown Footwear had total liabilities of $127.5 million and total assets of $375 million. Its debt ratio was ________.

You increase the Service Revenue account on the ________ side of its account.

Funky Music purchased $25,000 of equipment for cash. The asset account, Equipment, is for $25,000 and the Cash account is for $25,000.

You decrease the Accounts Payable account on the ________ side of its account.

Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition

Provided below is a list of definitions and terms. Match them by placing the letter that identifies the best definition

Match the following definitions and terms by placing the letter that identifies the best definition