9. The process of recording the economic effects of businesstransactions in a book of original entry:a. double entry systemb. debitc. credit
e. posting10. If the sum of the debits and credits in a trial balance is not equal,thena. there is no concern because the two amounts are not meant to beequal.b. the chart of accounts also does not balance.c. it is safe to proceed with the preparation of financial statements.
d. most likely an error was made in posting journal entries to thegeneral ledger or in preparing the trial balance.
11. Treml Corp. had Rs. 1800 of goods on hand at January 1, 2006.During 2006, goods worth Rs.7,000 were purchased. At December 31, 2006, the actual goods on hand amounts to Rs.2,300. After theadjustments are recorded and posted at December 31, 2006, thebalances in theGoods and cost of Goods Expense accounts will be:a. Goods,Rs.7,000; Cost of goods, Rs.2,300.b. Goods,Rs.1,800; Cost of goods Rs.7,000.
c. Goods, Rs.2,300; Cost of goods Rs.6,500.
d. Goods, Rs.2,300; Cost of goods Rs.3,900.Use the information presented below to answer the questions thatfollow.