CSIS 110 - Chapter 2 /3 LearnSmart
Question and answers verified to passed
When entering a transaction into a general journal, the entry would be dated;
then the accounts________ (debited/credited) would be listed first; then the
accounts ____________ (debited/credited) would be listed next; and finally,
a(n) ___________ would be included to show the details of the transaction. -
correct answer Blank 1: debited
Blank 2: credited
Blank 3: explanation, description, or brief explanation
Select the statements below that are correct in regards to entering
transactions in a journal. (Check all that apply.) - correct answer Total dollar
amount of debits must equal the total dollar amount of credits.
Credited accounts should be indented.
Leave one blank line between each completed journal entry.
A posting reference in a _______ (journal/ledger) includes the page number of
the account debited or credited in the _______ (journal/ledger) and serves as
a link to cross-reference the transaction from one record to another. - correct
answer Blank 1: ledger
Blank 2: journal
J. Jackson invested $1,000 in his business in exchange for common stock.
Show how to use T-accounts to record this transaction by selecting the correct
answer below. - correct answer Debit Cash; credit Common stock
L. Lyons started a business and invested $4,000 in exchange for common
stock. Illustrate how to record the transaction in the T-accounts by completing
the following sentence. The Cash account would be ________
,(debited/credited) on the ________ (left/right) side of the T-account and the
Common stock account would be _______ (debited/credited) on the
_________ (left/right) side of the T-account. - correct answer Blank 1: debited
Blank 2: left
Blank 3: credited
Blank 4: right
Paul's Programming Services paid $100 dividends. Show how to use T-
accounts to record this transaction by selecting the correct answer below. -
correct answer debt dividends, credit cash
A business paid $40 in dividends. Show how to record the transaction to the
T-accounts by completing the following sentence. Dividends would be Blank
1Blank 1 debited , Correct Unavailable(debited/credited) on the Blank 2Blank
2 left , Correct Unavailable(left/right) side of the T-account. and Cash would
be Blank 3Blank 3 credited , Correct Unavailable(debited/credited) on the
Blank 4Blank 4 right , Correct Unavailable (left/right) side of the T-account. -
correct answer Blank 1: debited
Blank 2: left
Blank 3: credited
Blank 4: right
True or false: The revenue recognition principle states that revenue should be
recorded in the period in which it is earned which may or may not be the
period in which payment was actually received. - correct answer True
A trial balance is a(n) (list/balance/chart) Blank 1 of 2 of accounts and their
balances at a point in time and is used to confirm that the sum of debit
account balances equals the sum of Blank 2 of 2 account balances. Use one
word for each blank. - correct answer Blank 1: list
Blank 2: credit
, Which of the following statements correctly explains how to prepare a trial
balance? (Check all that apply.) - correct answer Verify that the total debit
balances equals the total credit balances.
List each account title and its amount from the ledger.
If an account has a zero balance, it may be omitted entirely.
Compute the total of debit balances and the total of credit balances.
List the steps to search for an error when the trial balance does not balance. -
correct answer
True or false: At the end of the period, the assets will still equal the liabilities
plus equity. - correct answer true
Which of the following financial statements report(s) the financial position of a
business over a period of time? (Check all that apply.) - correct answer
Statement of cash flows
Income statement
Statement of retained earnings
Which of the following statements explains what a trial balance is? - correct
answer A trial balance confirms that the sum of debit account balances
equals the sum of credit account balances.
True or false: The revenue recognition principle states that revenue should be
recorded in the period in which it is earned which may or may not be the
period in which payment was actually received. - correct answer true
When preparing a trial balance, there are certain steps that need to be
followed. Place the following steps in the correct order. - correct answer
Question and answers verified to passed
When entering a transaction into a general journal, the entry would be dated;
then the accounts________ (debited/credited) would be listed first; then the
accounts ____________ (debited/credited) would be listed next; and finally,
a(n) ___________ would be included to show the details of the transaction. -
correct answer Blank 1: debited
Blank 2: credited
Blank 3: explanation, description, or brief explanation
Select the statements below that are correct in regards to entering
transactions in a journal. (Check all that apply.) - correct answer Total dollar
amount of debits must equal the total dollar amount of credits.
Credited accounts should be indented.
Leave one blank line between each completed journal entry.
A posting reference in a _______ (journal/ledger) includes the page number of
the account debited or credited in the _______ (journal/ledger) and serves as
a link to cross-reference the transaction from one record to another. - correct
answer Blank 1: ledger
Blank 2: journal
J. Jackson invested $1,000 in his business in exchange for common stock.
Show how to use T-accounts to record this transaction by selecting the correct
answer below. - correct answer Debit Cash; credit Common stock
L. Lyons started a business and invested $4,000 in exchange for common
stock. Illustrate how to record the transaction in the T-accounts by completing
the following sentence. The Cash account would be ________
,(debited/credited) on the ________ (left/right) side of the T-account and the
Common stock account would be _______ (debited/credited) on the
_________ (left/right) side of the T-account. - correct answer Blank 1: debited
Blank 2: left
Blank 3: credited
Blank 4: right
Paul's Programming Services paid $100 dividends. Show how to use T-
accounts to record this transaction by selecting the correct answer below. -
correct answer debt dividends, credit cash
A business paid $40 in dividends. Show how to record the transaction to the
T-accounts by completing the following sentence. Dividends would be Blank
1Blank 1 debited , Correct Unavailable(debited/credited) on the Blank 2Blank
2 left , Correct Unavailable(left/right) side of the T-account. and Cash would
be Blank 3Blank 3 credited , Correct Unavailable(debited/credited) on the
Blank 4Blank 4 right , Correct Unavailable (left/right) side of the T-account. -
correct answer Blank 1: debited
Blank 2: left
Blank 3: credited
Blank 4: right
True or false: The revenue recognition principle states that revenue should be
recorded in the period in which it is earned which may or may not be the
period in which payment was actually received. - correct answer True
A trial balance is a(n) (list/balance/chart) Blank 1 of 2 of accounts and their
balances at a point in time and is used to confirm that the sum of debit
account balances equals the sum of Blank 2 of 2 account balances. Use one
word for each blank. - correct answer Blank 1: list
Blank 2: credit
, Which of the following statements correctly explains how to prepare a trial
balance? (Check all that apply.) - correct answer Verify that the total debit
balances equals the total credit balances.
List each account title and its amount from the ledger.
If an account has a zero balance, it may be omitted entirely.
Compute the total of debit balances and the total of credit balances.
List the steps to search for an error when the trial balance does not balance. -
correct answer
True or false: At the end of the period, the assets will still equal the liabilities
plus equity. - correct answer true
Which of the following financial statements report(s) the financial position of a
business over a period of time? (Check all that apply.) - correct answer
Statement of cash flows
Income statement
Statement of retained earnings
Which of the following statements explains what a trial balance is? - correct
answer A trial balance confirms that the sum of debit account balances
equals the sum of credit account balances.
True or false: The revenue recognition principle states that revenue should be
recorded in the period in which it is earned which may or may not be the
period in which payment was actually received. - correct answer true
When preparing a trial balance, there are certain steps that need to be
followed. Place the following steps in the correct order. - correct answer
