Exam 3: The General Journal and the General Ledger

During the current financial year, Omega Finance Enterprises pays $1,200 on account to a creditor. The accountant debited Rent Expense for $1,200 and credited Cash for $1,200. This entry in the journal results in:

Which of the following errors, each considered separately, would cause the trial balance totals to be unequal?

A _________ is a book in which business transactions are recorded.

In the general journal, all liability accounts and owner's equity accounts must be indented.

The manual ruling method of correcting errors can be used before or after an entry has been posted.

When a month's transactions have been posted, the Accounts Payable account will only have debit entries.

To keep the fundamental accounting equation in balance, debits and credits must be in balance and equal amounts must be on each side of the equation.

Match the terms below with the correct definitions. -Journal that has one column for debit amounts and one column for credit amounts

A $1,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent Expense for $5,100 and a credit to Cash for $5,100. The correcting entry, using the one-step method, would include a

Rich Company paid transport expenses of $3,000 in cash. Which of the following journal entries records this transaction?

The account number is recorded in the Post. Ref. column of the general journal when the transaction is first recorded in the journal.

Match the terms below with the correct definitions. -A book containing all the accounts of an enterprise

Bright Services pays wages of a part-time employee. The transaction would involve a

A $4,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent Expense for $5,400 and a credit to Cash for $5,400. The correcting entry, using the one-step method, would include a

The general ledger is a collection of all the accounts.

Match the terms below with the correct definitions. -Complete record of transactions recorded in each individual account

Kaufman Company had a beginning normal balance of $15,000 in the accounts payable account. The accountant posted a $5,000 credit on May 6, a $2,500 credit on May 14, and a $8,000 debit on May 26. What is the balance of accounts payable in the general ledger?

During the current financial year, the owner of Omega Enterprises withdrew supplies of $2,000 for personal use. The accountant debited Rent Expense for $2,000 and credited Supplies for $2,000. This error in the journal will result in:

The first step in the posting process is recording the

A book of original entry is known as a