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Chapter 03 - Analyzing Business Transactions Using T Accounts
Chapter 03
Analyzing Business Transactions Using T Accounts
1. When preparing the trial balance, the total debits should equal the total credits.
2. Credits increase Liabilities, Owner's Equity, and Revenue.
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© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
27. Separate written records called ____________________ are kept for each asset and
liability and for the owner's equity of a business.
28. Accountants use the term ____________________ when referring to the right side of an
account.
29. A chart of accounts is a list of accounts that makes it possible to easily identify account
____________________ and names.
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© 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in
any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
49. Which of the following entries records the withdrawal of cash for personal use by Ty
Knott, the owner of a business?
50. The ending capital balance appears on which of the following statement(s)?
51. On a statement of owner's equity, beginning capital is $30,000, Net Income for the year is
$11,000 and Drawing for the year is $6,000, the ending capital amount would be
