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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 2-7

Purpose: (L.O. 1 thru 7) This exercise will quiz you about terminology used in this chapter.

A list of accounting terms with which you should be familiar appears below:

Account Journal
Chart of accounts Journalizing
Common stock Ledger
Compound entry Normal balance
Credit Posting
Debit Retained earnings
Dividend Simple-entry
Double-entry system T-account
General journal Three-column form of account
General ledger Trial balance

Instructions

For each item below, enter in the blank the term that is described.

  1. _____________________________________A record of increases and decreases in specific asset, liability, or stockholders' equity items.
  2. _____________________________________The basic form of an account.
  3. _____________________________________A form containing money columns for debit, credit, and balance amounts in an account.
  4. _____________________________________A list of accounts and the account numbers which identify their relative location in the ledger.
  5. _____________________________________The right side of an account.
  6. _____________________________________The left side of an account.
  7. _____________________________________An accounting record in which transactions are initially recorded in chronological order.
  8. _____________________________________A journal entry that involves three or more accounts (more than one debit and/or more than one credit).
  9. _____________________________________A journal entry that involves only two accounts (one ...

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