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Accounting 101 Chapter 2 Homework

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9/4/2014

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1.42 out of 1.42 points Below are the steps in the measurement process of external transactions. Rank them from first (1) to last (6) by choosing the appropriate numbers in the dropdown box. a. Post the transaction to the T­accounts in the general ledger. b. Assess whether the impact of the transaction results in a debit or credit to the account balance. c. Use source documents to identify accounts affected by external transactions. d. Analyze the impact of the transaction on the accounting equation. e. Prepare a trial balance. f. Record transactions using debits and credits.
Learning Objective: 02­01 Identify the basic steps in measuring external transactions.

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Below are the steps in the measurement process of external transactions. Rank them from first (1) to last (6) by choosing the appropriate numbers in the dropdown box. a. Post the transaction to the T­accounts in the general ledger. b. Assess whether the impact of the transaction results in a debit or credit to the account balance. c. Use source documents to identify accounts affected by external transactions. d. Analyze the impact of the transaction on the accounting equation. e. Prepare a trial balance. f. Record transactions using debits and credits.

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1.42 out of 1.42 points The following transactions occur for the Panther Detective Agency during the month of July: a. Purchase a truck and sign a note payable, $14,000. b. Purchase office supplies for cash, $500. c. Pay $700 in rent for the current month.

Record the transactions. (Omit…...

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