If the business has an _________ from a customer, then the customer has an ________ to the business.
Choose one answer.
account payable; account payable
account receivable; account payable
account receivable; account receivable
account payable; account receivable
If the landlord has rent _________, then the tenant has rent _________.
Which of the following statements is true?
If all transactions are correctly posted to the general ledger, the sum of the accounts with debit balances should be equal to the sum of the accounts with credit balances.
If a debit entry is made to an account in the general journal, the same account will receive a credit entry when the amount is posted to the general ledger.
Posting occurs when numbers in the general ledger accounts are transferred to the general journal
If the sum of the debit balances equals the sum of the credit balances then there were no mistakes made in the posting process
No explanation is needed for each entry in the general journal.
The posting of an amount recorded in the general journal can be verified by referring to the account number listed in the posting reference column on that line in the general journal
An entry in a general ledger account can be traced to the trial balance by referring to the page listed in the posting reference column of that ledger account.
Business transactions are recorded first in the general ledger; then that information is transferred to the general journal.
A trial balance is a(an):
optional financial statement used only by accountants.
list of accounts and their balances taken from the chart of accounts.
financial statement which can be used in place of a balance sheet.
device used to prove the equality of debits and credits in the general ledger .
Which of the following will not cause a trial balance to be out of balance?
A debit entry is posted as a credit
The balance for an account is incorrectly computed
An account is accidentally omitted from the trial balance
A credit entry is posted to the wrong account as a credit
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