Exam 4: The General Journal and the General Ledger

If a transaction is properly analyzed and recorded,

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?

The ledger is referred to as the record of ____________________ entry.

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

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

The journal entry to record the payment of salaries for the month is:

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

The effects of each transaction are recorded in a financial record called a(n) ____________________.

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

The ____________________ is a chain of references that makes it possible to trace information about transactions through the accounting process.

A ledger account contains a complete record of the individual transaction activity in each account.

The process of recording transactions in a journal is referred to as ____________________.

Global Delivery opened for business on July 1, 2010. The company uses the general ledger accounts listed below. During the first month of business, the firm had the transactions listed below. Record the transactions on page 1 of a general journal. Omit descriptions. Set up a Cash general ledger account and post the appropriate transactions to this account, account 101. 101 Cash 301 Colleen Miriam, Capital 103 Accounts Receivable 305 Colleen Miriam, Drawing 105 Supplies 401 Delivery Fee Income 107 Delivery Equipment 501 Advertising Expense 201 Accounts Payable 505 Rent Expense 510 Utilities Expense

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

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

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

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

The first place a transaction is recorded is in the:

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

A journal entry containing more than one debit or more than one credit is called a(n) ____________________ entry.