FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: The General Journal and the General Ledger

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Essay

Review LaterAdd Note

Review Later

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

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

Which of the following statements is CORRECT?

A) The general ledger contains the accounts that are used to prepare the financial statements.
B) Some companies use the general ledger instead of a general journal.
C) When entries are posted from the general journal to the general ledger,the account number is written in the Posting Reference column in the general ledger.
D) When entries are posted from the general journal to the general ledger,the page number is written in the Posting Reference column in the general journal.

E) B) and D)
F) All of the above

Correct Answer

verified

Show Answer

Question 33

Multiple Choice

Review LaterAdd Note

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?

On June 1,XYZ Inc.paid $400 to its landlord for rent for the current month.The journal entry to record this transaction is:

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

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

Maria Sanchez operates a typing service.During the month of July,the first month of operations,the firm had the following transactions.Record these transactions on page 5 of a general journal.Omit the descriptions.

Transactions are entered in the journal in chronological order.

The journal entry to record the payment of a monthly utility bill would include

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

Notations that allow transactions to be quickly and easily traced from the journal to the ledger or from the ledger to the journal are called ____________________ references.

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

Posting references are part of the audit trail.

When recording a business transaction into the general ledger,certain steps are followed.Identify the statement below that is

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

The journal entry to record the performance of services for cash would include

When a transaction is entered in the general journal,the account to be _________________ is always recorded first in the Description column.

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

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

Transactions are recorded in either a journal or a ledger,but not in both.