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(ADOPTED / ORIGINAL) TRUE OR FALSE: 26. An account is a summary device. 27. A debit may signify increase or decrease depending on the account involved. 28. The right side of the account is known as the increase side. 29. Transactions are first recorded in chronological order in a

(ADOPTED / ORIGINAL) TRUE OR FALSE: 26. An account is a summary device. 27. A debit may signify increase or decrease depending on the account involved. 28. The right side of the account is known as the increase side. 29. Transactions are first recorded in chronological order in a

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Help me answer 26 to 35

(ADOPTED / ORIGINAL) TRUE OR FALSE: 26. An account is a summary device. 27. A debit may signify increase or decrease depending on the account involved. 28. The right side of the account is known as the increase side. 29. Transactions are first recorded in chronological order in a book called ledger. 30. The trial balance is intended to test the equality of debit and credit. 31. The journal and the ledger are based on the same set of transactions. 32. If the totals of the trial balance agree, it means that transactions are recorded correctly. 33. A revenue account will have a normal debit balance. 34. If the trial balance is not balanced, it means that the total debits does not equal the total credits. 35. Errors may come from journalizing, posting to the ledger accounts or in the transfer of the amounts to the trial balance.
Transcribed Image Text:(ADOPTED / ORIGINAL) TRUE OR FALSE: 26. An account is a summary device. 27. A debit may signify increase or decrease depending on the account involved. 28. The right side of the account is known as the increase side. 29. Transactions are first recorded in chronological order in a book called ledger. 30. The trial balance is intended to test the equality of debit and credit. 31. The journal and the ledger are based on the same set of transactions. 32. If the totals of the trial balance agree, it means that transactions are recorded correctly. 33. A revenue account will have a normal debit balance. 34. If the trial balance is not balanced, it means that the total debits does not equal the total credits. 35. Errors may come from journalizing, posting to the ledger accounts or in the transfer of the amounts to the trial balance.
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