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

After a business transaction has been analyzed and entered in the book of original entry, the next step in the recording process is to transfer the information to

A classmate who is a computer science major thinks that accountants are obsolete. She states that computers can do the entire process without any human assistance. Discuss the steps in the recording process and indicate what role the computer plays in that process.

The trial balance will not balance when incorrect account titles are used in journalizing or posting.

The usual sequence of steps in the transaction recording process is:

The process of entering an amount on the left side of an account is called ____________ the account, and making an entry on the right side is called _________________ the account.

Which of the following is incorrect regarding a trial balance?

The ledger accounts of the Flex Gym at June 30, 2022 are shown below: Accounts Payable \ 9,800 Accounts Receivable 7,050 Buildings 63,000 Owner's Capital 71,800 Cash 6,200 Equipment 42,500 Notes Payable 46,000 Supplies 350 Owner's Drawings 8,500 Instructions Prepare a trial balance with the ledger accounts arranged in the proper financial statement order. Include the appropriate heading.

When three or more accounts are required in one journal entry, the entry is referred to as a ________________ entry.

A bookkeeping student has come to you for tutoring on the recording process. She is confused about the relationship between the chart of accounts and the ledger. Explain the purpose of the chart of accounts and the general ledger. In your explanation indicate the relationship between these two items as well.

In making a journal entry, the credit account and amount should be listed first and indented.

The standard form of a journal entry has the

Phair and Associates is a financial planning service. The account balances at December 31, 2022 are shown by the following alphabetical list: Accounts Payable \ 5,000 Accounts Receivable 19,000 Buildings 140,000 Cash 11,700 Equipment 31,300 Land 42,000 Notes Payable 95,000 Notes Receivable 8,100 Owner's Capital 152,900 Supplies 800 Instructions Prepare a trial balance with the accounts arranged in financial statement order.

In High Country Ski Rental's trial balance, which type of balance should the company's accountant not expect for the type of account indicated?

The first step in posting involves

The recording process becomes more efficient and informative if all transactions are recorded in one account.

The ledger accounts should be arranged in