Exam 3: Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

A ledger is called the book of final entry.

The final step of posting is

If Fees Earned has been credited, it is most likely that

When recording a transaction in a journal, the account listed first is generally the

The trial balance listing is in the same order as the chart of accounts.

Transactions are listed in chronological order in the journal.

The most logical reason to use a journal instead of T accounts is

A chart of accounts is a list of the accounts and their balances.

If Accounts Payable has been credited, it is most likely that

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

The posting reference column in the ledger is

The proper sequence used in recording a business transaction is

A Trial Balance would detect the following errors: An entry made twice or not posted.

Rent paid in advance is called a(n)

To find an explanation for a transaction, look in the

A debit to a liability account was posted to a revenue account. This would cause

A company would review the ledger if an account balance was needed.

A company would review the general journal if an account balance was needed.

The entry to record the payment of office salaries would be

A credit to a liability account was posted to an owner's equity account. This would cause