For every financial transaction entered in the bookkeeping system, the total of the debits must equal the total of the credits?

True or False: Recording a business transaction always requires at least a debit to one account and a credit to a different account.

That part of the equity that the owner invests in the business is known as ...?

When an owner contributes additional money to a business, the equity ....?

For every debit there is a ----------------------------

Loan funds owed to a bank would belong to which account group?

Documents used to control a bank account include the following except

Home Depot. Inc. had net purchases of $50,000, closing inventory of $25,000, net sales of $100,000, and gross profit of $32,000. How much was their opening inventory?

If a bank account does not reconcile, what's the best thing to do?

Wilson & Co. owns land which has cost it $100,000. If a "quick sale" of the land were necessary to generate cash, the Co. feels it would receive only $80,000. The Co. continues to report the asset on the balance sheet at $100,000. Under which of the following concepts is it justified?

Mike is the payee of a $20,000, 180-day, 8% note. On maturity, the note maker fails to pay. How much interest income should Mike receive on the dishonored note?