(1) If an account in the ledger has a 0 balance, is it included on the Trial Balance? (2) How are items journalized in the general journal? (3) How are items posted in the general ledger?
(1) If an account in the ledger has a 0 balance, is it included on the Trial Balance? (2) How are items journalized in the general journal? (3) How are items posted in the general ledger?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you answer the first 3 questions please thanks!

Transcribed Image Text:MIDTERM PREP
Review:
(1) If an account in the ledger has a 0 balance, is it included on
the Trial Balance?
ries of
(2) How are items journalized in the general journal?
ng, chart of
nce
(3) How are items posted in the general ledger?
(4) What are the required elements of a trial balance?
(5) What are the required elements of an income statement?
(6) What is included on a balance sheet?
ie for each
(7) What is the purpose of the statement of owner's equity?
ype of
(8) Post this transaction: Received cash on account from credit
clients, $330
(9) Post this transaction: Paid a personal dental bill using the
firm's bank account, $200
g proper form
urnal using
#, record,
(10)Post this transaction: Paid $225 to have advertising leaflets
printed
(11) Post this transaction: Purchased land for $6,000 as future
building site, paying $1,000 down and giving a note payable
due in two years for the difference
mplete, three
(12) Post this transaction: Purchased medical equipment on
account, $5205
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