Reference no: EM131289347
1. The trial balance:
A. includes all accounts with a balance in the ledger.
B. includes assets, liabilities, capital, withdrawals, revenues and expenses.
C. ensures that debits equal credits.
D. All of these answers are correct.
2. The general journal entry to record the purchase of an asset on account would include:
A. a debit to Accounts Receivable and a credit to Fees Earned.
B. a debit to Equipment and a credit to Accounts Payable.
C. a debit to Accounts Payable and a credit to Equipment.
D. none of these answers is correct.
3. If Cash has been debited, it is possible that:
A. the owner withdrew cash.
B. a charge customer made a payment.
C. the owner paid an expense.
D. all of these are possible.
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Expense account was posted to an asset account
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Cost of an asset less accumulated depreciation equals
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The trial balance
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Construction paid six months insurance in advance
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Appear on the bank statement
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Journal entries-record transaction
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