Solved by verified expert :46. Dividends
decrease retained earnings and are listed on the income statement as a
deduction from revenue.
True False
47. For
a month’s transactions for a typical medium-sized business, the salary expense
account is likely to have only credit entries.
True False
48. For
a month’s transactions for a typical medium-sized business, the accounts
payable account is likely to have only credit entries.
True False
49. When
a business receives a bill from the utility company, no entry should be made
until the invoice is paid.
True False
50. The
journal includes both debit and credit accounts for each transaction.
True False
51. A
transaction that is recorded in the journal is called a journal entry.
True False
52. Assets
are increased with debits and decreased with credits.
True False
53. Liabilities
are increased with debits and decreased with credits.
True False
54. Debits
will increase Unearned Revenues and Revenues.
True False
55. Retained
earnings account increases with debits.
True False
56. Journal
entries can have more than two accounts as long as the debits equal the
credits.
True False
57. Normal
balances appear on the side that increases the account balance.
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
