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Question 4 of 1010.0/ 10.0 Points
A journal aids in the division of labor by allowing one person to journalize entries while another individual may post these entries.A. TrueB. FalseAnswer Key: TrueQuestion 5 of 1010.0/ 10.0 PointsA general journal entry having two debits and a credit is a compound entry.Question 6 of 1010.0/ 10.0 PointsA company received $600 for services performed in the current period. What is the entry?Question 7 of 1010.0/ 10.0 PointsA purchase of an asset for immediate consumption that will not be paid for until next month would cause liabilities to increase and stockholders’ equity to decrease this month.
Question 8 of 1010.0/ 10.0 PointsEvery transaction always affects two or more accounts in a double-entry accounting system.A. TrueB. FalseAnswer Key: TrueQuestion 9 of 1010.0/ 10.0 PointsAccount numbers are entered in the posting reference column of the two-column general journal at the time the transactions are recorded in the ledger accounts.Question 10 of 1010.0/ 10.0 PointsThe determination of periodic net income involves comparing (1) the revenue recognized during the period and (2) the expenses to be allocated to the period. This procedure is frequently referred to as: