Question #1 Indicate whether each of the following statements is true or false. Briefly explain why. Feel free to cut-and-paste this table into your

relevant and reliable

Part of this course involves being able to visualize and complete the accounting cycle.  This first question challenges you in this regard. You may need to review your Introductory Accounting textbook/notes.

The process, logic and terminology associated with the accounting cycle will be used regularly throughout this course so it is important to not only complete this question but also to understand what is happening.

11 months

Required:

English Bay Nicknacks

11 months ended November 30, 2014

Account Name

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

327,000

327,000