19) For Retained earnings, the category of account, and its normal balance are:
A) Stockholders' equity and a credit balance.
B) Assets and a debit balance.
C) Liabilities and a credit balance.
D) Assets and a credit balance.
20) For Dividends, the category of account and its normal balance are:
A) Stockholders' equity and a credit balance.
B) Stockholders' equity and a debit balance.
C) Liabilities and a credit balance.
D) Assets and a credit balance.
21) When recording a transaction in a journal, the credit side is entered first, followed by the debit side.
22) Both the date of the transaction and a brief description are included in a journal entry.
23) The process of copying from the journal to the ledger is called posting.
24) For Revenues, the category of account and its normal balance are:
A) Stockholders' equity and a credit balance.
B) Assets and a debit balance.
C) Liabilities and a credit balance.
D) Stockholders' equity and a debit balance.
25) After initially recording a transaction, the data is then copied, or posted, to the:
A) chart of accounts.
B) ledger.
C) trial balance.
D) journal.
26) The accounting process of copying a transaction from the journal to the ledger is called:
A) journalizing.
B) posting.
C) proofing.
D) footing.
27) A journal entry includes both debit and credit amounts.
28) The first step of journalizing an entry is to:
A) post the accounts to the ledger.
B) identify each account affected and its type.
C) determine whether each account is increased or decreased.
D) record the transaction in the journal, including a brief explanation.