2

The account title debited and the dollar amount debited must be recorded on the same line in the journal.

The date of the transaction need not be recorded.

The dollar amounts of the entry should be recorded separately from the account titles.

Each account title must have an identification number recorded.

Question 2

Which of the following is not considered one of the four categories of business transactions that are commonly recorded in specialized journals?

To improve bookkeeping efficiency.

Because the computerized system is based on the traditional manual system, and all of the same principles apply.

To understand how the system works.

To analyze, explain, or design an accounting system.

Mechanics of recording economic transactions using the double-entry accounting system.

Analysis of accounting systems and financial statements.

Interpretation of accounting data.

Auditing of financial statements.

Question 5

Computerized accounting systems

The debited expense is balanced by a credit to cash.

The cash account is not affected by the use of supplies.

The credited expense is balanced by a debit to cash.

Cash is reduced by the cost of the office supplies.

Question 10

Mia Corporation recently purchased a new machine to use in production. The machine cost a total of $26,000. Mia paid $13,000 in cash and executed a note for the balance. The note requires a $4,000 payment by the end of the year and the remaining balance will be due in the next 3 years. How will the Balance Sheet categories be affected?

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