Activity 7-1
write TRUE if the statement is correct and FALSE if the statement is incorrect.
1.the account service revenue is unique to service businesses.
2.In the accounting cycle, journalizing may precede analyzing.
3.A transaction is not a business transaction if it does not affect the accounting equation.
4. In accounting, journalizing is not required for non-business transaction.
5. Journalizing is the process of entering a business transaction in the form of an accounting entry in the journal.
6. A compound journal entry is a journal that has one debit account and one credit account.
7. Business transaction are recorded in the journal chronological.
8. It is only when journalizing is done that the posting reference or folio column in the journal will have an entry.
9. In journalizing, total debits should always equal total credits.
10. Sari - sari store is an example of a service business.
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Answer:
1.FALSE
2.FALSE
3.TRUE
4.TRUE
5.TRUE
6.TRUE
7.TRUE
8.TRUE
9.TRUE
10.TRUE
Explanation:
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