Exam 3: Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

A slide is an error that results when zeros have been added or deleted when writing an amount. Example: 20,000 is written as 2,000.

If Prepaid Rent has been debited, it is likely that

Describe the difference in information contained in the general journal vs. the general ledger.

When the telephone bill for this period is paid,

The proper format for a journal entry includes all of the following EXCEPT

A calendar year is

Interim statements are statements that are usually prepared for a portion of the business' fiscal year.

A slide error results in a difference that is evenly divisible by the number 9.

A trial balance difference where the difference amounted to $400 could indicate

Discuss the concept of cross-referencing. Include in your discussion the benefits provided by cross-referencing.

Transferring information from the journal to the ledger is called

If the trial balance is in balance, it proves that all transactions were properly recorded.

The twelve-month period a business chooses for its accounting period is a(n)

The purpose of posting is to

Posting is the first step in recording transactions.