double entry framework and journalizing & posting transactions

Question 1

debit on ___ side

Answer 1

left

Question 2

credit on ___ side

Answer 2

right

Question 3

assets accounts ____ on debit side; ____ on credit side

Answer 3

increase; decrease

Question 4

in ever transaction, debits must ___ credits

Answer 4

equal

Question 5

liability accounts ___ on debit and ___ on credit

Answer 5

decrease; increase

Question 6

capital accounts ___ on debit and ___ on credit

Answer 6

decrease; increase

Question 7

capital accounts are just like ___ accounts

Answer 7

liability

Question 8

drawing accounts ___ on debit and ___ on credit

Answer 8

increase; decrease

Question 9

drawing accounts are just like ___ accounts

Answer 9

asset

Question 10

revenue accounts ___ on debit and ___ on credit

Answer 10

decreaes; increase

Question 11

expense accounts ____ on debit and ___ on credit

Answer 11

increase; decrease

Question 12

expense accounts are just like ___ accounts

Answer 12

asset

Question 13

listing of all accounts and their balances; a totaling of debits and credits; is proof that debits equal credits and accounting equation remained in balance

Answer 13

trial balance

Question 14

used as an aid in preparing financial statements

Answer 14

trial balance

Question 15

listed first in trial balance

Answer 15

assets

Question 16

listed next after assets

Answer 16

liabilities

Question 17

analyze transactions using ____ and ___

Answer 17

source documents; chart of accounts

Question 18

enter business transactions in general journal

Answer 18

journalizing

Question 19

post entries in journal to general ledger

Answer 19

posting

Question 20

from a general ledger prepare a _____

Answer 20

trial balance

Question 21

list of all accounts used by a business in numeric order used to determine which accounts are affected by a given transaction

Answer 21

chart of accounts

Question 22

___ begin with 1

Answer 22

assets

Question 23

___ begin with 2

Answer 23

liabilities

Question 24

___ begin with 3

Answer 24

OE

Question 25

___ begin with 4

Answer 25

revenues

Question 26

___ begin with 5

Answer 26

expenses

Question 27

trigger analysis of what happened; begin the process of entereing transactions in accounting system; serve as objective evidence of business transactions; filed for possible future reference

Answer 27

source documents

Question 28

provides info. about cash payments

Answer 28

check stubs/copies of checks

Question 29

provides info. about cash receipts

Answer 29

receipt stubs, copies of receipts, cash register tapes/ memos of cash register totals

Question 30

provides info. about sales of goods and services

Answer 30

copies of sales tickets/sales invoices issued to customers

Question 31

to provide record of all transactions completed by business

Answer 31

journal

Question 32

book of original entry

Answer 32

journal

Question 33

simpliest journal form

Answer 33

2 column general journal

Question 34

column 1

Answer 34

dates

Question 35

column 2

Answer 35

description, accounts debited first, then credits

Question 36

column 3

Answer 36

posting reference

Question 37

column 4

Answer 37

debit amount

Question 38

column 5

Answer 38

credit amount

Question 39

complete set of all accounts by a business; similar to T accounts; used to keep complete record of debits and credits made to each account as result of enteries made in journal; numbered and arranged in same order as chart of accounts

Answer 39

general ledger

Question 40

process of copying debits and credits from journal to ledger accounts; done daily/at frequent intervals

Answer 40

posting to general ledger

Question 41

posting to general ledger 5 step process

Answer 41

1. record date
2. enter debit amount
3. enter new balance of account
4. enter journal page #
5. enter ledger account # in general journal