Exam 4: The General Journal and the General Ledger

Maria Sanchez operates a typing service.During the month of July,the first month of operations,the firm had the following transactions.Record these transactions on page 5 of a general journal.Omit the descriptions.

If an error is discovered before the entry is posted,the incorrect amount can be erased and the correct amount recorded.

The process of transferring data from a journal to a ledger is known as ____________________.

A(n)____________________ entry is recorded when there is an error in data that has been journalized and posted.

Posting references are part of the audit trail.

Notations that allow transactions to be quickly and easily traced from the journal to the ledger or from the ledger to the journal are called ____________________ references.

The journal entry to record the payment of a monthly utility bill would include

The revenue accounts come before the expense accounts in the general ledger.

When recording a business transaction into the general ledger,certain steps are followed.Identify the statement below that is

Which of the following statements is CORRECT?

Bertrand Inc.performed services for clients in the amount of $1,350 on credit.If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account,what correcting entry would be necessary?

An amount debited to Cash in a journal entry should be posted as a credit to the Cash account in the ledger.

Transactions are entered in the journal in chronological order.

When a transaction is entered in the general journal,the account to be _________________ is always recorded first in the Description column.

A description should accompany each entry made in the ____________________ journal.

The accounts with identification letters for Able Delivery Services are listed below. During the January,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.

If a journal entry that contains an error has already been posted,a correcting entry should be journalized and posted.

The journal entry to record the performance of services for cash would include

On June 1,XYZ Inc.paid $400 to its landlord for rent for the current month.The journal entry to record this transaction is:

Transactions are recorded in either a journal or a ledger,but not in both.