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Exam-1-171_SPRING_2011[1][2] - Subject Accounting...

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Subject : Accounting Principles SPRING 2011 Instructor : A. Nikman EXAMINATION No. 1 COMPLETION STATEMENTS (10 Points) 1. An _______________ is a record of increases and decreases in specific assets, liabilities, and owner's equity items. 2. The process of entering an amount on the left side of an account is called ____________ the account, and making an entry on the right side is called _________________ the account. 3. ______________, _______________, and _______________ have debit normal account balances whereas _______________, ________________, and ________________ have credit normal account balances. 4. The four subdivisions of owner's equity are: ________________, ________________, ________________, and ________________. 5. The basic steps in the recording process are: _______________ each transaction, enter the transaction in a ________________, and transfer the _______________ information to appropriate accounts in the ________________. 6. A sales slip, a check, and a cash register tape are examples of ________________ used as evidence that a transaction has taken place. 7. An accounting record where transactions are initially recorded in chronological order is called a ________________. 8. When three or more accounts are required in one journal entry, the entry is referred to as a ________________ entry. 9. The entire group of accounts and their balances maintained by a company is called the ________________. 10. A two column list of all accounts and their balances at a given time is a ______________.
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Problem No. 1 (20 Points) Ron Benes decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (–) the dollar amount of each item affected.
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