Question 1

Posting of journal entries should be done in

Accepted Answer

A)  account number order. 
B)  alphabetical order. 
C)  chronological order. 
D)  dollar amount order. 
A)  account number order. 
B)  alphabetical order. 
C)  chronological order. 
D)  dollar amount order.

Question 2

The main purpose of the trial balance is to

Accepted Answer

A)  uncover errors in journalizing. 
B)  uncover errors in posting. 
C)  present useful information to financial statement users. 
D)  prove the mathematical equality of debits and credits after posting. 
A)  uncover errors in journalizing. 
B)  uncover errors in posting. 
C)  present useful information to financial statement users. 
D)  prove the mathematical equality of debits and credits after posting.

Question 3

Posting is the process of proving the equality of debits and credits in the trial balance.

Accepted Answer

A) True 
 B)False

Question 4

These were among the journal entries prepared by Learn How to Disc Golf! on page 1 of the journal during May.   Prepare a ledger account for Accounts Payable and post these entries to the Accounts Payable (account 201) ledger account.

Accepted Answer

The answer of These were among the journal entries prepared...

Question 5

Management could determine the amounts due from customers by examining which ledger account?

Accepted Answer

A)  Service Revenue 
B)  Accounts Payable 
C)  Accounts Receivable 
D)  Supplies 
A)  Service Revenue 
B)  Accounts Payable 
C)  Accounts Receivable 
D)  Supplies

Question 6

The double-entry system is a logical method for recording transactions and results in equal amounts for debits and credits for each transaction.

Accepted Answer

A) True 
 B)False

Question 7

The recording process occurs

Accepted Answer

A)  once a year. 
B)  once a month. 
C)  repeatedly during the accounting period. 
D)  infrequently in a manual accounting system. 
A)  once a year. 
B)  once a month. 
C)  repeatedly during the accounting period. 
D)  infrequently in a manual accounting system.

Question 8

The transactions of the Litehouse Realty are recorded in the general journal below. You are to post the journal entries to T-accounts.

Accepted Answer

The Ledger

Question 9

Beethoven Company provided consulting services and billed the client $3,600. As a result of this event,

Accepted Answer

A)  assets remained unchanged. 
B)  assets increased by $3,600 and owner's equity decreased by $3,600. 
C)  owner's equity increased by $3,600 and assets decreased by $3,600 
D)  assets and owner's equity both increased by $3,600. 
A)  assets remained unchanged. 
B)  assets increased by $3,600 and owner's equity decreased by $3,600. 
C)  owner's equity increased by $3,600 and assets decreased by $3,600 
D)  assets and owner's equity both increased by $3,600.

Question 10

Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

Accepted Answer

The basic steps in the recording process

Question 11

A simple journal entry requires only one debit to an account and one credit to an account.

Accepted Answer

A) True 
 B)False

Question 12

The standard format of a journal would not include

Accepted Answer

A)  a reference column. 
B)  an account title column. 
C)  a T-account. 
D)  a date column. 
A)  a reference column. 
B)  an account title column. 
C)  a T-account. 
D)  a date column.

Question 13

For the Chicago Huskies, the debit total in the trial balance differs from the credit total. This could be cause by

Accepted Answer

A)  a transaction not being journalized. 
B)  a correct journal entry not being posted. 
C)  a slide error. 
D)  a journal entry being posted twice. 
A)  a transaction not being journalized. 
B)  a correct journal entry not being posted. 
C)  a slide error. 
D)  a journal entry being posted twice.

Question 14

A journal is also known as a book of original entry.

Accepted Answer

A) True 
 B)False

Question 15

The final step in the recording process is to transfer the journal information to the

Accepted Answer

A)  trial balance. 
B)  financial statements. 
C)  ledger. 
D)  file cabinets. 
A)  trial balance. 
B)  financial statements. 
C)  ledger. 
D)  file cabinets.

Question 16

Camren Bicondova is unsure about the use of dollar signs and underlining in the accounting records. Explain how these are used.

Accepted Answer

Dollar signs do not appear in journals o

Question 17

The trial balance will not balance if a purchase on account is mistakenly credited to Notes Payable.

Accepted Answer

A) True 
 B)False

Question 18

Terry Bradshaw was appointed the manager of Steelers Properties, a recently formed company that manages residential rental properties. Linda Cohen is the accountant. She prepared a chart of accounts based on an analysis of the expenditures of the company. One of the largest expense categories is Travel and Entertainment. Mr. Bradshaw believes that it is important to maintain a presence in the social life of the city. In this, he sharply differs from his father, John Bradshaw. The elder Mr. Bradshaw has set up Steelers Properties in order to test his son's management skills before allowing him to manage the more lucrative commercial property business. John Bradshaw provided the capital for Steelers, and maintains close contact with the company. He allowed his son, however, to hire his own employees
Terry has asked Ms. Cohen to change the name of the Travel and Entertainment account to Property Development. He hopes to deflect his father's attention away from the amount he has spent on travel and entertainment until he has proven that his methods work. When Ms. Cohen resisted, he reminded her that he, not his father, hired her. He also reminded her that she had been enthusiastic about his business plans when she was hired.
Required:
1. Who are the stakeholders in this situation?
2. Should Ms. Cohen agree to the change in the Travel and Entertainment account to Property Development? Explain.

Accepted Answer

1. The stakeholders in this situation in

Question 19

The complete effect of a transaction on the accounts is disclosed in the journal.

Accepted Answer

A) True 
 B)False

Question 20

On January 14, Maxine Industries purchased supplies of $900 on account. The entry to record the purchase will include

Accepted Answer

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

Posting of journal entries should be done in

The main purpose of the trial balance is to

Posting is the process of proving the equality of debits and credits in the trial balance.

These were among the journal entries prepared by Learn How to Disc Golf! on page 1 of the journal during May. Prepare a ledger account for Accounts Payable and post these entries to the Accounts Payable (account 201) ledger account.

Management could determine the amounts due from customers by examining which ledger account?

The double-entry system is a logical method for recording transactions and results in equal amounts for debits and credits for each transaction.

The recording process occurs

The transactions of the Litehouse Realty are recorded in the general journal below. You are to post the journal entries to T-accounts.

Beethoven Company provided consulting services and billed the client $3,600. As a result of this event,

Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

A simple journal entry requires only one debit to an account and one credit to an account.

The standard format of a journal would not include

For the Chicago Huskies, the debit total in the trial balance differs from the credit total. This could be cause by

A journal is also known as a book of original entry.

The final step in the recording process is to transfer the journal information to the

Camren Bicondova is unsure about the use of dollar signs and underlining in the accounting records. Explain how these are used.

The trial balance will not balance if a purchase on account is mistakenly credited to Notes Payable.

The complete effect of a transaction on the accounts is disclosed in the journal.

On January 14, Maxine Industries purchased supplies of $900 on account. The entry to record the purchase will include

Welcome to Accounting

The Accounting Equation and Transaction Analysis

The Recording Process: Debits and Credits

Adjusting the Accounts and Preparing an Adjusted Trial Balance

Completing a Worksheet and Completing the Accounting Cycle

Merchandising Companies: Purchases Perpetual

Merchandising Companies: Sales Perpetual

Merchandising Companies: Worksheets and Financial Statements Perpetual

Special Journals

Inventory

Cash, Banking, and Internal Controls

Payroll Accounting: Employee Taxes and Records

Payroll Accounting: Employer Taxes and Records

Filters

Exam 4: The Recording Process: the Journal, the Ledger, and the Trial Balance

Posting of journal entries should be done in

The main purpose of the trial balance is to

Posting is the process of proving the equality of debits and credits in the trial balance.

These were among the journal entries prepared by Learn How to Disc Golf! on page 1 of the journal during May. Prepare a ledger account for Accounts Payable and post these entries to the Accounts Payable (account 201) ledger account.

Management could determine the amounts due from customers by examining which ledger account?

The double-entry system is a logical method for recording transactions and results in equal amounts for debits and credits for each transaction.

The recording process occurs

The transactions of the Litehouse Realty are recorded in the general journal below. You are to post the journal entries to T-accounts.

Beethoven Company provided consulting services and billed the client $3,600. As a result of this event,

Amy Pond, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.

A simple journal entry requires only one debit to an account and one credit to an account.

The standard format of a journal would not include

For the Chicago Huskies, the debit total in the trial balance differs from the credit total. This could be cause by

A journal is also known as a book of original entry.

The final step in the recording process is to transfer the journal information to the

Camren Bicondova is unsure about the use of dollar signs and underlining in the accounting records. Explain how these are used.

The trial balance will not balance if a purchase on account is mistakenly credited to Notes Payable.

The complete effect of a transaction on the accounts is disclosed in the journal.

On January 14, Maxine Industries purchased supplies of $900 on account. The entry to record the purchase will include

Welcome to Accounting

The Accounting Equation and Transaction Analysis

The Recording Process: Debits and Credits

Adjusting the Accounts and Preparing an Adjusted Trial Balance

Completing a Worksheet and Completing the Accounting Cycle

Merchandising Companies: Purchases Perpetual

Merchandising Companies: Sales Perpetual

Merchandising Companies: Worksheets and Financial Statements Perpetual

Special Journals

Inventory

Cash, Banking, and Internal Controls

Payroll Accounting: Employee Taxes and Records

Payroll Accounting: Employer Taxes and Records

Filters