True/False Questions 1. The chart of accounts lists capital accounts first, followed by liabilities, assets, expenses, and revenue. 2. Source documents serve as historical evidence of business...

1. The chart of accounts lists capital accounts first, followed by liabilities, assets, expenses, and revenue.

2. Source documents serve as historical evidence of business transactions.

3. No entries are made in the Posting Reference column at the time of journalizing.

4. When entering the credit item in a general journal, it should be listed after all debits and indented.

5. When an incorrect entry has been journalized and posted to the wrong account, a correcting entry should be made.