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11 if the number of debit entries in an account is greater than the number of credit 4295425

 

 

11.If the number of debit entries in an account is greater than the number of credit entries, the account will have a debit balance. 
 
 

 

 

 

12.Every business transaction is recorded by a debit to a balance sheet account and a credit to an income statement account. 
 
 

 

 

 

13.When making a general journal entry, there can only be one debit and one credit. 
 
 

 

 

 

14.When a company uses the double-entry method, the total dollar amount of debits recorded must equal the total dollar amount of credits recorded, but the number of debit and credit entries may differ. 
 
 

 

 

 

15.The ledger is a chronological, day-by-day, record of business transactions. 
 
 

 

 

 

16.When recording a journal entry, asset accounts are shown first, followed by liabilities, and finally owners' equity accounts. 
 
 

 

 

 

17.Ledger accounts are updated first, and then transactions are recorded in the journal. 
 
 

 

 

 

18.Ledger accounts are updated through a process called posting. 
 
 

 

 

 

19.Earning revenue increases owners' equity and expenses reduce owners' equity, therefore, revenues are recorded with debit entries and expenses are recorded with credit entries. 
 
 

 

 

 

20.Dividends are an expense to a corporation and appear on the income statement. 
 
 

 

 

 

 

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