Exam 4: The General Journal and the General Ledger

Which of the following statements is not correct?

The journal entry to record a payment made in January for rent for the months of February and March would include

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 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

Lourdes Yabar opened a computer repair business on May 1, 2010. During the first month of operations, the firm had the following transactions. Record these transactions on page 1 of the general journal. Omit the descriptions. Set up a Cash general ledger account and post the appropriate transactions to this account, account 101.

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?

Which of the following statements is correct?

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

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

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. June 1 $\quad$ Discovered that a purchase of supplies for $\$ 800$ cash was recorded $\quad$$\quad$$\quad$ as a debit to Equipment and a credit to Cash $\quad$ 2 $\quad$ Discovered that a check for $\$ 1,100$ to the owner, Hank Rudolph, to $\quad$$\quad$ pay one month's rent on his personal apartment was recorded as a debit to Rent Expense and a credit to Cash $\quad$ 3 $\quad$ Discovered that a receipt of $\$ 3,000$ cash from a credit customer was $\quad$$\quad$ recorded as a debit to Cash and a credit to Accounts Payable $\quad$ 4 $\quad$ Discovered that $\$ 350$ services performed on credit were recorded as a debit to Cash and a credit to Fees Income

For each of the accounts listed below, enter the words, Increase or Decrease, the Debit and Credit columns to indicate the effects of each on the account balance.

Posting references provide a useful cross-reference when entries must be traced and verified.

If a journal entry that contains an error has already been posted,

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

Which of the following statements is correct?

The accounts with identification letters for Sealy 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.

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.

The balance ledger form always shows the current balance of an account.

The Posting Reference column of a journal is used to