Solved by verified expert :16. Journalizing
is the process of entering amounts in the ledger.
True False
17. Transactions
are listed in the journal chronologically.
True False
18. Journalizing
transactions using the double-entry bookkeeping system will eliminate
fraud.
True False
19. Liability
accounts are increased by debits.
True False
20. Expense
accounts are increased by credits.
True False
21. Revenue
accounts are increased by credits.
True False
22. The
normal balance of a capital account is a debit.
True False
23. The
normal balance of the drawing account is a debit.
True False
24. The
normal balance of an expense account is a credit.
True False
25. The
normal balance of revenue accounts is a credit.
True False
26. Withdrawals
decrease owner’s equity and are listed on the income statement as a deduction
from revenue.
True False
27. For
a month’s transactions for a typical medium-sized business, the salary expense
account is likely to have only credit entries.
True False
28. For
a month’s transactions for a typical medium-sized business, the accounts
payable account is likely to have only credit entries.
True False
29. When
a business receives a bill from the utility company, no entry should be made until
the invoice is paid.
True False
30. An
account has three parts to it; a title, an increase side, and a decrease
side.
True False
