111) The purchase of a building with a down payment of cash and the signing of a note payable for the remainder would include a debit to both the asset
Building, and a credit to the asset
Cash
and the liability
Note Payable.
112) The Dividends account normally has a debit balance.
113) Every transaction affects at least two accounts.
114) The ledger provides a good indication of how much cash is available for the business to use.
115) Posting is the process of copying the amounts from the journal to the appropriate accounts in the ledger.
116) A journal is a record of financial transactions and can be thought of as a diary; it shows a chronological listing of a business's accounting activities.
117) Debits are always recorded (journalized) after credits.
118) A ledger is the first place where transactions are recorded in the accounting system.
119) Moving data to the ledger is known as journalizing.
120) In the journal you will find the total balance for each account.