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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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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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
