Solved by verified expert :46. Owner’s
capital will be reduced by the amount in the drawing account.
True False
47. The
journal includes both debit and credit accounts for each transaction.
True False
48. A
transaction that is recorded in the journal is called a journal entry.
True False
49. Assets
are increased with debits and decreased with credits.
True False
50. Liabilities
are increased with debits and decreased with credits.
True False
51. Debits
will increase Unearned Revenues and Revenues.
True False
52. All
owner’s equity accounts record increases to the accounts with credits.
True False
53. Journal
entries can have more than two accounts as long as the debits equal the
credits.
True False
54. Normal
balances are the side that increase the account balance.
True False
55. When
an owner invests assets in the business, the capital account increases due to
revenue being earned.
True False
56. When
an accounts payable account is paid in cash, the owner’s equity in the business
decreases.
True False
57. When
an account receivable is collected in cash, the total assets of the business increase.
True False
58. The
process of transferring the data from the journal to the ledger accounts is
posting.
True False
59. The
post reference notation used in the ledger is the account number.
True False
60. The
post reference notation used in the journal is the page number.
True False
