A catch-all book of accounts where initial entry of the business transaction is recorded for the first time, in chronological order, making general journal an excellent place to review accounting transactions. contra account false general journal true general ledger false None of the above false Single The balance which you would expect the account to have, and is governed by the accounting equation. general ledger false general journal false Normal Balance of Accounts true None of the above false Single A summary at the account level of every business transaction which comes from various journals containing chronological accounting entries. general ledger true contra account false general journal false None of the above false Single A debit balance so a contra expense account such as purchase returns is normally a credit balance. Contra revenue normal balance false Contra expense normal balance true Contra asset normal balance false None of the above false Single A debit balance so a contra asset account such as accumulated depreciation is normally a credit balance. Contra asset normal balance true Contra revenue normal balance false Contra expense normal balance false None of the above false Single A credit balance so a contra revenue account such as sales returns is normally a debit balance. Contra expense normal balance false Contra revenue normal balance true Contra asset normal balance false None of the Above false Single The method used to enter an accounting transaction into the accounting records of a business. accounting journal entry true simple journal entry false compound journal entry false None of the Above false Single A two-line journal entry is known as a _____________________________. simple journal entry true compound journal entry false accounting journal entry false None of the Above false Single A journal entry containing more than 2 line items. accounting journal entry false simple journal entry false compound journal entry true None of the Above false Single It’s purpose is to be offset against the balance on another account. general ledger true contra account false general journal false None of the Above false Single