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CHAPTER 2 Review of the Accounting Process 93
Questions For Review of Key Topics
Q 2–1 Explain the difference between external events and internal events. Give an example of each type of event.
Q 2–2 Each economic event or transaction will have a dual effect on financial position. Explain what is meant by this
dual effect.
Q 2–3 What is the purpose of a journal? What is the purpose of a general ledger?
Q 2–4 Explain the difference between permanent accounts and temporary accounts. Why does an accounting system
include both types of accounts?
Q 2–5 Describe how debits and credits affect assets, liabilities, and permanent owners’ equity accounts.
Q 2–6 Describe how debits and credits affect temporary owners’ equity accounts.
Q 2–7 What is the first step in the accounting processing cycle? What role do source documents fulfill in this step?
Q 2–8 Describe what is meant by transaction analysis.
Q 2–9 Describe what is meant by posting, the fourth step in the processing cycle.
Q 2–10 Describe the events that correspond to the following two journal entries:
1. Inventory 20,000
Accounts payable 20,000
2. Accounts receivable 30,000
Sales revenue 30,000
Cost of goods sold 18,000
Inventory 18,000
Q 2–11 What is an unadjusted trial balance? An adjusted trial balance?
Q 2–12 Define adjusting entries and discuss their purpose.
Q 2–13
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