Question 1

Posting an entire transaction twice will cause the trial balance totals to be unequal.

Accepted Answer

A) True 
 B)False  False

Question 2

Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry:

Accepted Answer

A) 
 $\begin{array} { l r } 
\text { Cash } & \$ 6,000 \
\text { Rent Expense } & \$ 6,000
\end{array}$ 
B) 
$\begin{array} { l r } 
\text { Prepaid Rent } & \$ 6,000 \
\text { Cash } & \$ 6,000
\end{array}$ 
C)  
Rent Payable $\quad\$ 6,000$
Cash $\quad \$ 6,000$ 
D)  
Rent Expense $\quad\$ 6,000$
Cash $\quad \$ 6,000$ 
A) 
 $\begin{array} { l r } 
\text { Cash } & \$ 6,000 \
\text { Rent Expense } & \$ 6,000
\end{array}$ 
B) 
$\begin{array} { l r } 
\text { Prepaid Rent } & \$ 6,000 \
\text { Cash } & \$ 6,000
\end{array}$ 
C)  
Rent Payable $\quad\$ 6,000$
Cash $\quad \$ 6,000$ 
D)  
Rent Expense $\quad\$ 6,000$
Cash $\quad \$ 6,000$ D

Question 3

J. Jefferson invested $15,000 cash in his business. The accountant would record the following journal entry:

Accepted Answer

A) 
Cash $\quad \$ 15,000$
J. Jefferson, Capital $\quad \$ 15,000$ 
B) 
 J. Jefferson, Capital $\$ 15,000$
Cash $\quad \$ 15,000$ 
C)  
$\begin{array} { l } 
\text { Cash } &\$ 15,000 \
\text { Income from Services } & \$ 15,000
\end{array}$ 
D)  
J. Jefferson, Drawing $\quad\$ 15,000$ 
Cash $\quad \$ 15,000$ 
A) 
Cash $\quad \$ 15,000$
J. Jefferson, Capital $\quad \$ 15,000$ 
B) 
 J. Jefferson, Capital $\$ 15,000$
Cash $\quad \$ 15,000$ 
C)  
$\begin{array} { l } 
\text { Cash } &\$ 15,000 \
\text { Income from Services } & \$ 15,000
\end{array}$ 
D)  
J. Jefferson, Drawing $\quad\$ 15,000$ 
Cash $\quad \$ 15,000$ A

Question 4

The chart of accounts for Samuel's Trucking Company is as follows:
Samuel's trucking Company completed the following transactions in October:
   Instructions:
Journalize the transactions for October using quality format in the journal and post to appropriate ledger accounts.

Accepted Answer

​
​
 @#IMG-DLM& ​
 @#IMG-DLM& Account Account Receivable Acc

Question 5

Discuss the purposes of the general journal and the general ledger, as well as how they are connected.

Accepted Answer

The general journal is a book of origina

Question 6

Which of the following is true concerning the trial balance?

Accepted Answer

A)  If the trial balance equals then there are no errors in the recording of journal entries. 
B)  A trial balance should be prepared before posting. 
C)  The trial balance only lists the names of the accounts, not the balances. 
D)  The trial balance proves only that the total ledger debit balances equal the total ledger credit balances. 
A)  If the trial balance equals then there are no errors in the recording of journal entries. 
B)  A trial balance should be prepared before posting. 
C)  The trial balance only lists the names of the accounts, not the balances. 
D)  The trial balance proves only that the total ledger debit balances equal the total ledger credit balances.

Question 7

In a manual system, it is not proper to split a journal entry at the bottom of a page.

Accepted Answer

A) True 
 B)False

Question 8

The official list of all the accounts is called the chart of accounts.

Accepted Answer

A) True 
 B)False

Question 9

Posting involves

Accepted Answer

A)  transferring information from the income statement to the statement of owner's equity. 
B)  transferring information from ledger to the journal. 
C)  transferring information from the ledger to the balance sheet. 
D)  transferring information from the journal to the ledger. 
A)  transferring information from the income statement to the statement of owner's equity. 
B)  transferring information from ledger to the journal. 
C)  transferring information from the ledger to the balance sheet. 
D)  transferring information from the journal to the ledger.

Question 10

The ____________ is a book or file containing the activity by accounts of a business.

Accepted Answer

A)  general ledger 
B)  journal 
C)  trial balance 
D)  income statement 
A)  general ledger 
B)  journal 
C)  trial balance 
D)  income statement

Question 11

Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a

Accepted Answer

A)  debit to Cash. 
B)  credit to Accounts Payable. 
C)  credit to Supplies Expense. 
D)  debit to Supplies. 
A)  debit to Cash. 
B)  credit to Accounts Payable. 
C)  credit to Supplies Expense. 
D)  debit to Supplies.

Question 12

Match the terms below with the correct definitions.
-Process of transferring accounts and amounts from journal to ledger

Accepted Answer

A) Chart of accounts 
B) Journalizing 
C) General ledger account 
D) General ledger 
E) Journal
F)Source documents
G)Posting
H)Account number
I)General journal
J)Cost principle 
A) Chart of accounts 
B) Journalizing 
C) General ledger account 
D) General ledger 
E) Journal
F)Source documents
G)Posting
H)Account number
I)General journal
J)Cost principle

Question 13

Which of the following is correct?

Accepted Answer

A)  The manual ruling method can only be used to correct an error in the journal before posting. 
B)  The correcting entry method can only be completed in two steps. 
C)  The manual ruling method can be used to correct an error in the ledger after an entry has been posted. 
D)  All of the answers listed are correct. 
A)  The manual ruling method can only be used to correct an error in the journal before posting. 
B)  The correcting entry method can only be completed in two steps. 
C)  The manual ruling method can be used to correct an error in the ledger after an entry has been posted. 
D)  All of the answers listed are correct.

Question 14

If an entry is correctly journalized, but posted to the incorrect accounts, with equal debits and credits, the trial balance will still be out of balance.

Accepted Answer

A) True 
 B)False

Question 15

The chart of accounts for Mira Delivery Service is as follows:
   Mira Delivery Service completed the following transactions during May:
Instructions:
Journalize the transactions for May, including a brief explanation for each entry.

Accepted Answer

The answer of The chart of accounts for Mira Delivery...

Question 16

Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a

Accepted Answer

A)  credit to Cash. 
B)  debit to Income from Services. 
C)  debit to Accounts Receivable. 
D)  credit to Income from Services. 
A)  credit to Cash. 
B)  debit to Income from Services. 
C)  debit to Accounts Receivable. 
D)  credit to Income from Services.

Question 17

For a journal entry to be complete, it must contain

Accepted Answer

A)  the date. 
B)  a debit entry. 
C)  a credit entry. 
D)  an explanation. 
E)  all of the answers listed. 
A)  the date. 
B)  a debit entry. 
C)  a credit entry. 
D)  an explanation. 
E)  all of the answers listed.

Question 18

The chart of accounts for Lara Landscaping is as follows:
Lara Landscaping completed the following transactions in July:
   Instructions:
Journalize the transactions for July, including a brief explanation for each entry.

Accepted Answer

The answer of The chart of accounts for Lara Landscaping...

Question 19

A $800 payment for Rent Expense was incorrectly journalized and posted as a debit to Wages Expense for $800 and a credit to Cash for $800. The correcting entry, using the one-step method, would include a

Accepted Answer

A)  debit to Cash for $800. 
B)  credit to Rent Expense for $800. 
C)  credit to Wages Expense for $800. 
D)  credit to Cash for $800. 
A)  debit to Cash for $800. 
B)  credit to Rent Expense for $800. 
C)  credit to Wages Expense for $800. 
D)  credit to Cash for $800.

Question 20

Match between columns
                        Premises:  Number assigned to an account
 Process of recording transactions in a journal
 Process of transferring accounts and amounts from journal to ledger
 Recording assets at actual cost
Official list of all ledger accounts
 A book containing all the accounts of an enterprise
 Book of original entry
 Business papers supporting transactions
 Complete record of transactions recorded in each individual account
 Journal that has one column for debit amounts and one column for credit amounts

Accepted Answer

The Answer of Chart of accounts and Journalizing and General is...

Posting an entire transaction twice will cause the trial balance totals to be unequal.

Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry:

J. Jefferson invested $15,000 cash in his business. The accountant would record the following journal entry:

The chart of accounts for Samuel's Trucking Company is as follows: Samuel's trucking Company completed the following transactions in October: Instructions: Journalize the transactions for October using quality format in the journal and post to appropriate ledger accounts.

Discuss the purposes of the general journal and the general ledger, as well as how they are connected.

Which of the following is true concerning the trial balance?

In a manual system, it is not proper to split a journal entry at the bottom of a page.

The official list of all the accounts is called the chart of accounts.

Posting involves

The ____________ is a book or file containing the activity by accounts of a business.

Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a

Match the terms below with the correct definitions. -Process of transferring accounts and amounts from journal to ledger

Which of the following is correct?

If an entry is correctly journalized, but posted to the incorrect accounts, with equal debits and credits, the trial balance will still be out of balance.

The chart of accounts for Mira Delivery Service is as follows: Mira Delivery Service completed the following transactions during May: Instructions: Journalize the transactions for May, including a brief explanation for each entry.

Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a

For a journal entry to be complete, it must contain

The chart of accounts for Lara Landscaping is as follows: Lara Landscaping completed the following transactions in July: Instructions: Journalize the transactions for July, including a brief explanation for each entry.

A $800 payment for Rent Expense was incorrectly journalized and posted as a debit to Wages Expense for $800 and a credit to Cash for $800. The correcting entry, using the one-step method, would include a

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters

Exam 3: The General Journal and the General Ledger

Posting an entire transaction twice will cause the trial balance totals to be unequal.

Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry:

J. Jefferson invested $15,000 cash in his business. The accountant would record the following journal entry:

The chart of accounts for Samuel's Trucking Company is as follows: Samuel's trucking Company completed the following transactions in October: Instructions: Journalize the transactions for October using quality format in the journal and post to appropriate ledger accounts.

Discuss the purposes of the general journal and the general ledger, as well as how they are connected.

Which of the following is true concerning the trial balance?

In a manual system, it is not proper to split a journal entry at the bottom of a page.

The official list of all the accounts is called the chart of accounts.

Posting involves

The ____________ is a book or file containing the activity by accounts of a business.

Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a

Match the terms below with the correct definitions. -Process of transferring accounts and amounts from journal to ledger

Which of the following is correct?

If an entry is correctly journalized, but posted to the incorrect accounts, with equal debits and credits, the trial balance will still be out of balance.

The chart of accounts for Mira Delivery Service is as follows: Mira Delivery Service completed the following transactions during May: Instructions: Journalize the transactions for May, including a brief explanation for each entry.

Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a

For a journal entry to be complete, it must contain

The chart of accounts for Lara Landscaping is as follows: Lara Landscaping completed the following transactions in July: Instructions: Journalize the transactions for July, including a brief explanation for each entry.

A $800 payment for Rent Expense was incorrectly journalized and posted as a debit to Wages Expense for $800 and a credit to Cash for $800. The correcting entry, using the one-step method, would include a

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters