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chapter 04 the general journal and the general ledger true false questions 1 when tr 4301808

Chapter 04 – The General Journal and the General Ledger

True / False Questions

1. When transactions are entered in a general journal, the asset accounts are listed first, followed by the liability and owner's equity accounts. 

2. When a transaction is entered in a general journal, the first account title is indented about half an inch from the left margin of the Description column. 

3. Account names are written in the general journal exactly as they appear in the chart of accounts. 

4. Transactions are entered in the journal in chronological order. 

5. Posting references are part of the audit trail. 

6. A journal entry can consist of no more than one account to be debited and one account to be credited. 

7. A ledger is sometimes referred to as a record of original entry. 

8. Transactions are recorded in either a journal or a ledger, but not in both. 

9. An amount debited to Cash in a journal entry should be posted as a credit to the Cash account in the ledger. 

10. The balance ledger form always shows the current balance of an account. 




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