ACCT2110 Chapter 2 Exam Questions And
Accurate Answers
A detailed record of all increases and decreases that have occurred in a particular
asset, liability, or equity during a period - ANSWER Account
The record holding all the accounts of a business, the changes in those accounts,
and their balances - ANSWER Ledger
A journal entry that is characterized by having multiple debits and/or multiple credits -
ANSWER Compound journal entry
A record of transactions in date order - ANSWER Journal
Left side of a T-account - ANSWER Debit
Side of an account where increases are recorded - ANSWER Normal balance
Transferring amounts from the journal to the ledger - ANSWER Posting
Right side of a T-account - ANSWER Credit
A list of all accounts with their balances at a point in time - ANSWER Trial balance
A list of all accounts with their account numbers - ANSWER Chart of accounts
July 2:
, Received $8000
contribution from Bart London in exchange for common stock. - ANSWER Date: Jul 2
Accounts1: Cash
Accounts2:Common Stock
Explanation: Issued common stock cash
Debit: 8000
Credit:8000
July 4:
Paid utilities expense of $400
. - ANSWER Date: Jul 4
Accounts1: Utilities Expense
Accounts2: Cash
Explanation: Paid cash expenses.
Debit: 400
Credit: 400
July 5:
Purchased equipment on account, $ 2600
. - ANSWER Date: Jul 5
Accounts1: Equipment
Accounts2: Accounts Payable
Explanation: Purchase of equipment on account.
Debit: 2600
Credit: 2600
July 10:
Accurate Answers
A detailed record of all increases and decreases that have occurred in a particular
asset, liability, or equity during a period - ANSWER Account
The record holding all the accounts of a business, the changes in those accounts,
and their balances - ANSWER Ledger
A journal entry that is characterized by having multiple debits and/or multiple credits -
ANSWER Compound journal entry
A record of transactions in date order - ANSWER Journal
Left side of a T-account - ANSWER Debit
Side of an account where increases are recorded - ANSWER Normal balance
Transferring amounts from the journal to the ledger - ANSWER Posting
Right side of a T-account - ANSWER Credit
A list of all accounts with their balances at a point in time - ANSWER Trial balance
A list of all accounts with their account numbers - ANSWER Chart of accounts
July 2:
, Received $8000
contribution from Bart London in exchange for common stock. - ANSWER Date: Jul 2
Accounts1: Cash
Accounts2:Common Stock
Explanation: Issued common stock cash
Debit: 8000
Credit:8000
July 4:
Paid utilities expense of $400
. - ANSWER Date: Jul 4
Accounts1: Utilities Expense
Accounts2: Cash
Explanation: Paid cash expenses.
Debit: 400
Credit: 400
July 5:
Purchased equipment on account, $ 2600
. - ANSWER Date: Jul 5
Accounts1: Equipment
Accounts2: Accounts Payable
Explanation: Purchase of equipment on account.
Debit: 2600
Credit: 2600
July 10:
