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It can cause certain accounts to increase depending on their normal balance.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"What is the purpose of journals in the accounting cycle?",{"text":67,"@type":63},"Journals are the original point of entry. They record every transaction in order by date.",{"name":69,"@type":60,"acceptedAnswer":70},"If the trial balance balances, does it guarantee all transactions were recorded correctly?",{"text":71,"@type":63},"No. A balanced trial balance only shows total debits equal total credits. A transaction recorded twice could still produce equal debits and credits even if the overall recording is incorrect.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},663501,1793228754,{"code":4,"msg":81,"data":82},"success",[83,87,91,94,99,104,109,114,119,122,126],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":84,"show_sort_weight":85,"slug":86},"Story & Novel",90,"story-novel",{"id":26,"doc_module":4,"doc_module_name":25,"category_name":88,"show_sort_weight":89,"slug":90},"Literature",80,"literature",{"id":33,"doc_module":4,"doc_module_name":25,"category_name":29,"show_sort_weight":92,"slug":93},70,"exam",{"id":95,"doc_module":4,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},5,"Comic",60,"comic",{"id":100,"doc_module":4,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},6,"Technology",50,"technology",{"id":105,"doc_module":4,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},7,"Healthcare",40,"healthcare",{"id":110,"doc_module":4,"doc_module_name":25,"category_name":111,"show_sort_weight":112,"slug":113},8,"Research & Report",30,"research-report",{"id":115,"doc_module":4,"doc_module_name":25,"category_name":116,"show_sort_weight":117,"slug":118},9,"Religion & Spirituality",20,"religion-spirituality",{"id":117,"doc_module":4,"doc_module_name":25,"category_name":120,"show_sort_weight":117,"slug":121},"World Cup","world-cup",{"id":123,"doc_module":4,"doc_module_name":25,"category_name":124,"show_sort_weight":123,"slug":125},10,"Lifestyle","lifestyle",{"id":127,"doc_module":4,"doc_module_name":25,"category_name":128,"show_sort_weight":95,"slug":129},19,"General","general",{"code":4,"msg":81,"data":131},{"doc_id":78,"user_id":132,"nickname":42,"user_avatar":133,"doc_module":4,"category_id":33,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":26,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":102,"language":139,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":12,"update_tm":79,"read_time":143},2336464648322,"https://ap-avatar.wpscdn.com/avatar/2200025388227c56fec?_k=1778556882303663488","Chapter 4  \nThe ACCounTing CyCle: JournAls And ledgers  \nleArning ouTComes  \n1 Distinguish between debits and credits 4 Record transactions in the general journal  \n2 Describe the accounting cycle 5 Post journal entries to the general ledger  \n3 Explain how to analyze a transaction 6 Prepare a trial balance  \n[Access](Access ameengage.com)[ ameengage.com](Access ameengage.com) for integrated resources including tutorials, practice exercises, the digital textbook and more.  \n~~ ~~ Assessment Questions ~~ ~~  \nAs-1 ()  \nWhat does the term debit refer to?  \nA debit is an entry on the left side of aT-account.  \n______________________________________________________________________________  \n\n| As-2 ()\u003Cbr>True or False: A credit will always be an increase to any account.\u003Cbr>False: A credit is the right side of theT-account. It can increase or decrease the account, |\n| --- |\n| depending on the type of account. |\n| As-3 ()\u003Cbr>Which three types of accounts use the debit side oftheT-account to increase their value?\u003Cbr>Assets, owner’s drawings and expenses all use debits to increase their values. |\n\nAs-4 ()  \nWhich three types of accounts use the credit side oftheT-account to increase their value?  \nLiabilities, owner’s capital and revenue all use credits to increase their values.  \n______________________________________________________________________________  \nAs-5 ()  \nWhat is the normal balance of an asset?  \nThe normal balance of an asset is a debit. A debit causes an asset to increase.  \n______________________________________________________________________________  \nAs-6 ()  \nWhat is the normal balance of a liability?  \nThe normal balance of a liability is a credit. A credit causes a liability to increase.  \n\n| As-7 ( 4 )\u003Cbr>Explain the purpose of a chart of accounts.\u003Cbr>The chart of accounts lists all the accounts the company will use. The accounts are listed in a\u003Cbr>|\n| --- |\n| logical order and are given numbers to identify each account. |\n\n\n| As-8 ( 2 3 4 5 6 )\u003Cbr>List and describe the first four steps of the accounting cycle.\u003Cbr>Step 1: Analyze transactions—determine which accounts will be debited and credited.\u003Cbr>|\n| --- |\n| Step 2: Journalize transactions—record the transaction in the general journal. |\n| Step 3: Post to ledger accounts—post the transaction in the general ledger. |\n| Step 4: Prepare atrial balance—ensure that total debits equal total credits in the general ledger. |\n| As-9 ( 4 )\u003Cbr>In the accounting cycle, what is the purpose of creating journals?\u003Cbr>The journals are the original point of entry. The journal records every transaction in order by\u003Cbr>|\n| date. |\n\n______________________________________________________________________________  \nAs-10 ( 5 )  \nIn the accounting cycle, what is the purpose of the general ledger?  \nThe ledger groups the activities of each account together and records the updated balance of  each account.  \n______________________________________________________________________________  \n\n| As-11 ( 6 )\u003Cbr>In the accounting cycle, what is the purpose of the trial balance?\u003Cbr>The trial balance takes the balances from the ledger and totals the debits and credits to\u003Cbr>|\n| --- |\n| ensure they are equal. This ensures that the journal entries were created with a debit and a |\n| credit amount. |\n| As-12 ( 4 )\u003Cbr>In the journal, what information will be entered in the PR (posting reference) column?\u003Cbr>The PR column in the journal is used to record the number of the account that is being\u003Cbr>|\n| affected. The number is taken from the chart of accounts. It is used as a check to easily detect |\n| which transactions have been already been posted to the ledger |\n| As-13 ( 5 )\u003Cbr>What is the relationship between the closing balance and the opening balance for an asset?\u003Cbr>A closing balance at the end of a period is the same as the opening balance at the beginning\u003Cbr>|\n| of the next period. |\n\n\n| As-14 ( 6 )\u003Cbr>If the trial balance balances, were all transactions correctly recorded? Explain.\u003Cbr>The t","cbCaih24khSsT6KW","https://ap.wps.com/l/cbCaih24khSsT6KW","pdf",777650,"English","# Assessment Questions\n## As-1 to As-6\n## As-7 to As-8\n## As-9 to As-14\n# Application Questions group A\n## AP-1A\n## AP-2A","[{\"question\":\"What does the term debit refer to in T-accounts?\",\"answer\":\"A debit is an entry on the left side of a T-account. It can cause certain accounts to increase depending on their normal balance.\"},{\"question\":\"What is the purpose of journals in the accounting cycle?\",\"answer\":\"Journals are the original point of entry. They record every transaction in order by date.\"},{\"question\":\"If the trial balance balances, does it guarantee all transactions were recorded correctly?\",\"answer\":\"No. A balanced trial balance only shows total debits equal total credits. A transaction recorded twice could still produce equal debits and credits even if the overall recording is incorrect.\"}]","Chapter 4 - The Accounting Cycle: Journals and Ledgers - Learning Outcomes | PDF",126]