Exam 3: The General Journal and the General Ledger

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

(Multiple Choice)

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Question 41

When posting from the journal to the ledger, the accountant failed to post a $52 debit to Cash. The effect of this error will be that the

(Multiple Choice)

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Question 42

Which of the following is correct concerning correcting errors on the computer?

(Multiple Choice)

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Question 43

Accidentally recording the $300 debit of a transaction twice and the credit only once will cause the trial balance totals to differ by $300.

(True/False)

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Question 44

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

(Multiple Choice)

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Question 45

If the number of an account is 211, this probably means that the account is the first account in the

(Multiple Choice)

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Question 46

An accountant wanting to know the balance of a particular account would refer to the

(Multiple Choice)

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Question 47

The general ledger shows a complete record of the transactions recorded in each individual account.

(True/False)

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Question 48

____________ furnish proof that a transaction has taken place.

(Multiple Choice)

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Question 49

Which of the following is true?

(Multiple Choice)

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Question 50

Process Solutions Company received $193 from a charge customer which was recorded and posted as $391. The journal entry to correct the error is:

(Multiple Choice)

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Question 51

G. Wilson invested her personal computer, which had a fair market value of $5,000, in her business. The transaction would involve a:

(Multiple Choice)

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Question 52

Which of the following errors will probably be located when preparing a trial balance?

(Multiple Choice)

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Question 53

Shower Flower Company bought equipment, paying cash, $2,500. The accountant would record the following journal entry:

(Multiple Choice)

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Question 54

Match the terms below with the correct definitions. -Number assigned to an account

(Multiple Choice)

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Question 55

There are two methods for correcting errors, the

(Multiple Choice)

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Question 56

The _______________ requires that assets be recorded at the actual cost.

(Multiple Choice)

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Question 57

One type of ledger account form has a two-balance-column arrangement.

(True/False)

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Question 58

The process of writing a transaction in a ledger is called journalizing.

(True/False)

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Question 59

P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a:

(Multiple Choice)

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Question 60

Showing 41 - 60 of 100

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

When posting from the journal to the ledger, the accountant failed to post a $52 debit to Cash. The effect of this error will be that the

Which of the following is correct concerning correcting errors on the computer?

Accidentally recording the $300 debit of a transaction twice and the credit only once will cause the trial balance totals to differ by $300.

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

If the number of an account is 211, this probably means that the account is the first account in the

An accountant wanting to know the balance of a particular account would refer to the

The general ledger shows a complete record of the transactions recorded in each individual account.

____________ furnish proof that a transaction has taken place.

Which of the following is true?

Process Solutions Company received $193 from a charge customer which was recorded and posted as $391. The journal entry to correct the error is:

G. Wilson invested her personal computer, which had a fair market value of $5,000, in her business. The transaction would involve a:

Which of the following errors will probably be located when preparing a trial balance?

Shower Flower Company bought equipment, paying cash, $2,500. The accountant would record the following journal entry:

Match the terms below with the correct definitions. -Number assigned to an account

There are two methods for correcting errors, the

The _______________ requires that assets be recorded at the actual cost.

One type of ledger account form has a two-balance-column arrangement.

The process of writing a transaction in a ledger is called journalizing.

P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve 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

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