true false - Nunez Community College Accounting For Office...

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Nunez Community College Accounting For Office Careers Take-home Quiz on Chapters 4-5 6/28/10 True / False Questions 1. When transactions are entered in a general journal, the asset accounts are listed first, followed by the liability and owner's equity accounts. True False 2. Transactions are entered in the journal in chronological order. True False 3. A journal entry can consist of no more than one account to be debited and one account to be credited. True False 4. A ledger is sometimes referred to as a record of original entry. True False 5. Transactions are recorded in either a journal or a ledger, but not in both. True False 6. An amount debited to Cash in a journal entry should be posted as a credit to the Cash account in the ledger. True False 7. Prepaid expenses, such as prepaid rent and prepaid insurance, represent assets for a business until they are used. True False 8. If an adjustment is not recorded for supplies used, the firm's assets will be overstated. True
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true false - Nunez Community College Accounting For Office...

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