An account consists of Select one: a. a title, a left side, and a debit balance. b. a title, a debit side, and a credit side. c. a title, a right side, and a debit balance. d. a title, a debit balance, and a credit balance.

An account consists of Select one: a. a title, a left side, and a debit balance. b. a title, a debit side, and a credit side. c. a title, a right side, and a debit balance. d. a title, a debit balance, and a credit balance.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter4: Posting To A General Ledger

Section4.2: Posting From A General Journal To A General Ledger And Proving Cash

Problem 2AYU

See similar textbooks

Related questions

Q: The matching principle a.requires that the dollar amount of debits equal the dollar amount of…

A: Accounting is a process of recording the financial transactions of an organisation. Accounting is…

Q: An account is said to have a debit balance if ? Select one: a. The amount of debit exceeds the…

A: When total amount of debit entries in an account is greater than total amount of credit entries,…

Q: For each of the following accounts, state in column A the classification of the account (Whether the…

A: The balance sheet includes the assets, liabilities, and stockholders' equity. Whereas, the income…

Q: For each transaction, indicate the following January 2 transaction is given as an example. (a) The…

A: Journal Entry: Date Particulars Debit Credit Jan-02 Cash A/c Dr $10,000 To Owner's…

Q: Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b.…

Q: For each of the following accounts indicate the effect of a debit or a credit on the account and the…

A: The transactions of the company will be recorded first in the company's books which is called as…

Q: For each Account Type, identify the Financial Statement on which the account would appear (balance…

A: Note: As per general accounting rule, All the assets and expenses have the debit balance and all the…

Q: It is a system of accounting for recording transactions, based on record and decreases in accounts…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income…

A: The right answer is option d. Journal is the primary book of accounting which recognizes all…

Q: Instruction: Indicate on the space provided,(1)(X)on the element where the account belong (2) BS if…

A: The income statement and balance sheet are the financial statements of the business.

Q: Which sequence correctly summarizes the accounting process? O A. Journalize transactions, post to…

A: Solution:- Introduction:- Accounting process also known as accounting cycle. It contains specific…

Q: Identifying normal balances For each account, identify whether the normal balance is a debit (DR) or…

A: Assets and Expenses accounts have the debit balance and liabilities and income have the credit…

Q: Which of the following is the order of steps to journalize an entry? O A. Record the transaction…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Analyze the statement given then choose if the effect on account will Increase or Decrease it.…

A: The accounting equation is the basic principle of accounting that is used to prepare a balance…

Q: The two-column journal a.contains a debit and a credit column for recording the amounts for each…

A: Lets understand the basics. The two column journal is a journal which is having debit and credit…

Q: Which sequence correctly summarizes the accounting process? a. Journalize transactions, post to the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: 12. An account to be debited should be firstly determined in recording transaction in the general…

A: Journal entry is the first entry which is recorded in the journal book. It is the very first entry…

Q: An account consists of * O a title, a debit balance, and a credit balance. a title, a left side, and…

A: Accounts are used for recording journal entries in accounting. In making journal entries, at least…

Q: Listed below are all the steps in the accounting cycle.(a) Record and post adjusting entries.(b)…

Q: In a double-entry accounting system,a. a debit entry is recorded on the left side of a T-account.b.…

Q: An account is said to have a debit balance if ? Please full explain the explanation. a. the amount…

A: The balance is said to have a debit balance when the debit side has an excess over the credit…

Q: The debit side of an account a.is the left side of the account b.is the right side of the account…

A: Each Account has two sides debit and credit side.

Q: Which of the following accounts normally has a debit balance? a. Prepaid insurance b. Unearned…

A: There are five important components in the financial statements. They are Assets, Liabilities,…

Q: The trial balance is used to prove the equality of total debits and total credits of all accounts in…

A: Answer: True.

Q: a) Trial balance is a list of the ending balances of all the accounts in a ledger b) Balance sheet…

A: Trial Balance is a statement summarizing the closing balance of all the ledger accounts, prepared…

Q: Identifying accounts Consider the following accounts: a. Notes Receivable b. Common Stock c. Prepaid…

A: Particulars Category a. Notes Receivable Assets b. Common Stock Equity c. Prepaid Insurance…

Q: Multiple choice: Accounts are grouped in a book called the: A. trial balance B. chart of accounts C.…

A: Journal entries are used to record the transactions, while ledgers are classified into different…

Q: Which of the following account balance will be placed in the credit column of the trial balance? a.…

A: All assets and expense account will normally have debit balance, so these will be part of debit side…

Q: Calculating balance of any account, after posting all entries in ledger account, is known as O a.…

A: The numerical has covered the concept of ledger accounts. The Ledger accounts have done in 'T' form…

Q: Which of the following statements is true of a trial balance? O A. A trial balance is the first step…

A: Trial balance means the statement prepared from ledger account where all debit and credit balance…

Q: Which of the following account balance will be shown on debit side of Trial Balance? a. Cash O b.…

A: Trial Balance: It is a sheet which contains all the ledger balances categorized into debit and…

Q: Kim Yi has prepared the following list of statements about accounts. 1. An account is an accounting…

A: >An Account is essentially a 'ledger account' under which the transactions are posted to get to…

Q: The balance of an account is determined by a.adding all of the debits, adding all of the credits,…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: The following table summarizes the rules of debit and credit. For each of the items (a) through (1).…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…

Q: 22. A trial balance is made up of a list of debit balances and credit balances. Which of the…

A: >Trial balance is prepared once the process of journal entry recording and ledger posting is…

Q: basically about debit and credit, explain in detail using two accounts, how the golden rule of…

A: Accounting Accounting is used to keep the records of bussiness transaction up to date in the process…

Q: The individual accounts find a place in a summarised manner which is called a. Financial statements…

A: Answers

Q: In the blank space beside each account, enter the code for the financial statement column (IS or BS)…

A: a. Equipment - BS

Q: For each of the following accounts, indicate whether we use a debit or a credit to increase the…

A: According to accounting rules, we follow normal balance rules: All assets and expenses have a normal…

Q: Identifying accounts Consider the following accounts: a. Accounts Payable b. Cash c. Common Stock d.…

A: Owners' equity: The claims of owners on a company's resources, after the liabilities are paid off,…

Q: Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner’s…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: For each of the transactions below, indicate the account to be debited or credited by

A: Investment of the owner - g Received cash for service rendered - Accounts receivable Purchased…

Q: The normal balance of an account is on the Debit side of the account Side represented by increase…

A: An account balance usually represents money in monetary terms an account balance is either a debit…

Q: The debit side of an account: a) Is the right-hand side of the account. b) Is the left-hand side of…

A: Debit refers to an accounting entry that results in either an increase in an asset or a decrease in…

Q: Determine whether the balance in each of the following accounts increases with a debit or a credit.…

A: Introduction: Accounts: Accounts are of 2 types: 1 ) Debit Account - Recording debit side called…

Q: The proof that the debits and credits in the ledger are equal is called the trial balance. a. b.…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

An account consists of

Select one:

a. a title, a left side, and a debit balance.

b.
a title, a debit side, and a credit side.

c. a title, a right side, and a debit balance.

d.
a title, a debit balance, and a credit balance.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Concept :

VIEW

Step 2 Answer:

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What does an accounts normal balance indicate?
Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
An account consists of * O a title, a debit balance, and a credit balance. O a title, a left side, and a debit balance. O a title, a debit side, and a credit side. O a title, a right side, and a debit balance.
Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit
Which one of the following is not a part of an account? Select one: a. Title b. Credit side c. Trial balance d. Debit side
Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service revenue d. Accounts receivable
For each account, identify whether the normal balance is a Debit(DR) or Credit (CR).
The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b. Negative balance O C. No balance O d. Positive balance
The Accounts Question: What does it mean when Drawings has a normal debit balance or a normal credit balance? Please explain/examples.
The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
which one of the following accounts normally has a credit balance? A. Drawings B. Capital C. Cash D. Premises
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Accounts Payable