Question 1

The number of the ____________________ is recorded in the Posting Reference column of the ledger account.

Accepted Answer

The answer of The number of the ____________________ is recorded...

Question 2

The journal entry to record $2,450 of revenue earned and received in cash by Agatha Panthis Landscape Architect Company is:

Accepted Answer

A)  Debit Fees Income;Credit Accounts Receivable 
B)  Debit Cash;Credit Fees Income 
C)  Debit Fees Income;Credit Cash 
D)  Debit Accounts Receivable;Credit Fees Income 
A)  Debit Fees Income;Credit Accounts Receivable 
B)  Debit Cash;Credit Fees Income 
C)  Debit Fees Income;Credit Cash 
D)  Debit Accounts Receivable;Credit Fees Income

Question 3

On December 5,Honor Consulting Services issued a check to purchase $800 in office supplies.The journal entry to record this transaction is:

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 4

The following errors in recording the transactions for June were discovered in the general journal the next month after the data had been posted to the ledger.Record the necessary correcting entries on page 2 of a general journal.Omit the descriptions.

Accepted Answer

The answer of The following errors in recording the transactions...

Question 5

The accounts with identification letters for Smart Delivery Services are listed below.   During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example.

Accepted Answer

The answer of The accounts with identification letters for Smart...

Question 6

The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include

Accepted Answer

A)  a debit to Equipment for $100 and a credit to Cash for $100. 
B)  a debit to Equipment for $500,a credit to Cash for $100,and a credit to Accounts Payable for $400. 
C)  a debit to Equipment for $100 and a credit to Accounts Payable for $400. 
D)  debit to Equipment for $500 and a credit to Cash for $500. 
A)  a debit to Equipment for $100 and a credit to Cash for $100. 
B)  a debit to Equipment for $500,a credit to Cash for $100,and a credit to Accounts Payable for $400. 
C)  a debit to Equipment for $100 and a credit to Accounts Payable for $400. 
D)  debit to Equipment for $500 and a credit to Cash for $500.

Question 7

The account numbers from the ledger are recorded in the Posting Reference column of the general journal

Accepted Answer

A)  as the transaction is journalized. 
B)  after each amount is posted. 
C)  after all entries on the journal page have been posted. 
D)  as the first amount written in the journal. 
A)  as the transaction is journalized. 
B)  after each amount is posted. 
C)  after all entries on the journal page have been posted. 
D)  as the first amount written in the journal.

Question 8

The journal entry to record the sale of services on credit should include

Accepted Answer

A)  a debit to Accounts Receivable and a credit to Capital. 
B)  a debit to Cash and a credit to Accounts Receivable. 
C)  a debit to Fees Income and a credit to Accounts Receivable. 
D)  a debit to Accounts Receivable and a credit to Fees Income. 
A)  a debit to Accounts Receivable and a credit to Capital. 
B)  a debit to Cash and a credit to Accounts Receivable. 
C)  a debit to Fees Income and a credit to Accounts Receivable. 
D)  a debit to Accounts Receivable and a credit to Fees Income.

Question 9

The process of transferring the data from the journal to the general ledger is called:

Accepted Answer

A)  footing 
B)  posting 
C)  transposing 
D)  journalizing 
A)  footing 
B)  posting 
C)  transposing 
D)  journalizing

Question 10

Which of the following statements is CORRECT?

Accepted Answer

A)  All errors made in journal entries should be corrected by the preparation of a correcting journal entry. 
B)  If an error in a journal entry is discovered before the entry is posted to the general ledger,the entry can simply be erased and replaced with the correct journal entry. 
C)  If an error in a journal entry is discovered before the entry is posted to the general ledger,the error in the entry should be crossed out and the correct data written above it. 
D)  If an error in a journal entry is discovered before the entry is posted to the general ledger,a journal entry should be made to correct the erroneous entry. 
A)  All errors made in journal entries should be corrected by the preparation of a correcting journal entry. 
B)  If an error in a journal entry is discovered before the entry is posted to the general ledger,the entry can simply be erased and replaced with the correct journal entry. 
C)  If an error in a journal entry is discovered before the entry is posted to the general ledger,the error in the entry should be crossed out and the correct data written above it. 
D)  If an error in a journal entry is discovered before the entry is posted to the general ledger,a journal entry should be made to correct the erroneous entry.

Question 11

A purchase of office equipment for $380 cash is journalized as:

Accepted Answer

A)  Debit Office Equipment;Credit Accounts Payable 
B)  Debit Office Equipment;Credit Cash 
C)  Debit Equipment Expense;Credit Cash 
D)  Debit Cash;Credit Office Equipment 
A)  Debit Office Equipment;Credit Accounts Payable 
B)  Debit Office Equipment;Credit Cash 
C)  Debit Equipment Expense;Credit Cash 
D)  Debit Cash;Credit Office Equipment

Question 12

Identify the entry below that records the acquisition of office supplies on account.

Accepted Answer

A)  debit Office Supplies;credit Cash 
B)  debit Office Supplies;credit Accounts Receivable 
C)  debit Accounts Payable;credit Office Supplies 
D)  debit Office Supplies;credit Accounts Payable 
A)  debit Office Supplies;credit Cash 
B)  debit Office Supplies;credit Accounts Receivable 
C)  debit Accounts Payable;credit Office Supplies 
D)  debit Office Supplies;credit Accounts Payable

Question 13

A journal entry can consist of no more than one account to be debited and one account to be credited.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following statements is CORRECT?

Accepted Answer

A)  All transactions require compound entries. 
B)  Compound entries include only debits. 
C)  Accounts being debited should always follow the accounts being credited in a compound entry. 
D)  Compound entries affect more than one debit and/or more than one credit. 
A)  All transactions require compound entries. 
B)  Compound entries include only debits. 
C)  Accounts being debited should always follow the accounts being credited in a compound entry. 
D)  Compound entries affect more than one debit and/or more than one credit.

Question 15

The Cash account has a $15,000 debit balance.A $5,000 credit entry and a $7,000 debit entry are posted to the account.The final balance of the Cash account is

Accepted Answer

A)  a $3,000 debit balance. 
B)  a $27,000 debit balance. 
C)  a $13,000 debit balance. 
D)  a $17,000 debit balance. 
A)  a $3,000 debit balance. 
B)  a $27,000 debit balance. 
C)  a $13,000 debit balance. 
D)  a $17,000 debit balance.

Question 16

The Posting Reference column of a journal is used to

Accepted Answer

A)  record the date on which an amount is posted to a ledger account. 
B)  record the number of the ledger account to which the information is posted. 
C)  record the number of amounts posted to that ledger account since the beginning of the current accounting period. 
D)  record the page number of the ledger account. 
A)  record the date on which an amount is posted to a ledger account. 
B)  record the number of the ledger account to which the information is posted. 
C)  record the number of amounts posted to that ledger account since the beginning of the current accounting period. 
D)  record the page number of the ledger account.

Question 17

When a transaction is entered in a general journal,the first account title is indented about half an inch from the left margin of the Description column.

Accepted Answer

A) True 
 B)False

Question 18

The first place a transaction is recorded is in the:

Accepted Answer

A)  source document 
B)  general ledger 
C)  journal 
D)  trial balance 
A)  source document 
B)  general ledger 
C)  journal 
D)  trial balance

Question 19

The accounts with identification letters for Orly Delivery Services are listed below.   During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example.

Accepted Answer

The answer of The accounts with identification letters for Orly...

Question 20

When transactions are entered in a general journal,the asset accounts are listed first,followed by the liability and owner's equity accounts.

Accepted Answer

A) True 
 B)False

Exam 4: The General Journal and the General Ledger

The number of the ____________________ is recorded in the Posting Reference column of the ledger account.

The journal entry to record $2,450 of revenue earned and received in cash by Agatha Panthis Landscape Architect Company is:

On December 5,Honor Consulting Services issued a check to purchase $800 in office supplies.The journal entry to record this transaction is:

The following errors in recording the transactions for June were discovered in the general journal the next month after the data had been posted to the ledger.Record the necessary correcting entries on page 2 of a general journal.Omit the descriptions.

The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include

The account numbers from the ledger are recorded in the Posting Reference column of the general journal

The journal entry to record the sale of services on credit should include

The process of transferring the data from the journal to the general ledger is called:

Which of the following statements is CORRECT?

A purchase of office equipment for $380 cash is journalized as:

Identify the entry below that records the acquisition of office supplies on account.

A journal entry can consist of no more than one account to be debited and one account to be credited.

Which of the following statements is CORRECT?

The Cash account has a $15,000 debit balance.A $5,000 credit entry and a $7,000 debit entry are posted to the account.The final balance of the Cash account is

The Posting Reference column of a journal is used to

When a transaction is entered in a general journal,the first account title is indented about half an inch from the left margin of the Description column.

The first place a transaction is recorded is in the:

When transactions are entered in a general journal,the asset accounts are listed first,followed by the liability and owner's equity accounts.

Accounting: the Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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