The normal sequence of information flow in an accounting system is:
A)ledger, journal, source document.
B)journal, source document, ledger.
C)source document, journal, ledger.
D)source document, ledger, journal.
32Which of the following is NOT an example of a source document?
B) Sales invoice
C) Bank deposit slip
D) Purchase invoice
33Which of the following statements about revenue is CORRECT?
A) Revenues decrease stockholders’ equity, so a revenue account's normal balance is a credit balance.
B) Revenues decrease stockholders’ equity, so a revenue account's normal balance is a debit balance.
C) Revenues increase stockholders’ equity, so a revenue account's normal balance is a debit balance.
D) Revenues increase stockholders’ equity, so a revenue account's normal balance is a credit balance.
34A business purchased $200 of supplies on account and recorded the following journal entry:
35A business renders service to a client and sends out a sales invoice. The amount will be collected from the customer at a later time. Which of the following would be TRUE at the time when the invoice is sent out?
A) Stockholders’ equity will decrease.
B) Total liabilities will increase.
C) Total assets will decrease.
D) Net income will increase.
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