28. The record in which transactions are initially recorded in chronological order as they occur is a(an)a.Accountb.General Journalc.General Ledgerd.Chart of Accounts29. A list of all accounts and their balances which is used to prove the equality of debits and credits as of a specific date is a(an)
30. The correct term for an entry made to the left side of an account is31. A credit means that32. Credit entries are used toa.increase asset accounts.c.decrease revenue accounts.b.increase liability accounts.d.decrease liability accounts.33. All of the following accounts have normal debit balances exceptChapter 434. The selection of historical cost over current value as the attribute to be measured for assets is an example of the trade-off of35. Why is the use of the U.S. dollar as a unit of measure for financial statement data in the U.S. widely accepted?
36. Economical House Painting Company painted four houses in June at $500 each. At the end of June, three homeowners had paid Economical cash for the jobs. Under the accrual basis, what amounts will be reported on the income statement and the statement of cash flows for June?Income Statement Statement of Cash Flowsa.$ 2,000 $ 2,000b.$ 2,000 $ 1,500c.$ 1,500 $ 1,500d.$ 500 $ 50037. Which of the following statements does notpresent financial information based on the accrual basis of accounting?38. Friendly Catering is a local catering service. Conceptually, when should Friendly recognize revenue from its catering service?
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