Exam 10: Module Accounting For A Professional Service Business The Combination Journal

It will take additional work and time if a journal contains a special column for cash debits and one for cash credits.

Amounts in the special columns of the combination journal are posted individually.

____________________ are meant for frequently used accounts.

Match the terms with the definitions. -A method of accounting under which revenues are recorded when earned and expenses are recorded when incurred.

Match the terms with the definitions. -The column in the combination journal used to debit accounts that are used infrequently.

Mark Johnson opened a delivery service.His chart of accounts is shown below. Assets 101 Cash 142 Office Supplies 185 Delivery Equipment Liabilities 202 Accounts Payable 311 Mark Johnson, Capital Revenue 401 Delivery Fees Expenses 511 Wages Expense 521 Rent Expense 533 Utilities Expense Jan 2 Paid shop rental for the month, \ 400 . 3 Purchased a delivery car from Wally's Wrecks on account, \ 1,000 . 5 Purchased office supplies for cash, \ 250 6 Paid the tel ephone bill (utilities), \ 51 . 7 Paid part-time employee, \ 265 . 8 Received cash for delivery services, \ 1,428 . 11 Paid electricity bill (utilities), \ 37 . 13 Made payment on account for delivery car previously purchased, \ 250 . 14 Paid part-time employee, \ 280 . Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" > $\$ 1,000$ . }\\ &5\quad\text { Purchased office supplies for cash, $\$ 250$ }\\ &6\quad\text {Paid the tel ephone bill (utilities), $\$ 51$ . }\\ &7\quad\text { Paid part-time employee, $\$ 265$ . }\\ &8\quad\text { Received cash for delivery services, $\$ 1,428$ . }\\ &11\quad\text { Paid electricity bill (utilities), $\$ 37$ .}\\ &13\quad\text { Made payment on account for delivery car previously purchased, $\$ 250$ .}\\ &14\quad\text {Paid part-time employee, $\$ 280$ . }\\ \end{array} Required: 1.Journalize the above transactions that occurred in January,20--.Use the modified cash basis and the combination journal provided. 2.Prove the combination journal. 3.Post to the general ledger. Proving the Combination Journal ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ " class="answers-bank-image d-inline" loading="lazy" >

End-of-period activities include all of the following EXCEPT

The column in the combination journal where the account number is entered after posting is the ____________________.

A journal with special and general columns is called a

Which of the following is the proper sequence for end-of-the-month work with the combination journal?

Which of the following would be placed in the "Post.Ref." column to indicate that the amount is not posted individually?

To record wages earned but not paid under the modified cash accounting method,

Once the total of a special column has been posted,what is written under the total of the column in the journal?

Individual entries are posted from which of the following columns in the combination journal to the proper general ledger account?

Each entry is posted individually from the General Debit column of the combination journal to the proper general ledger account.

Match the terms with the definitions. -A method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

If the owner has not made any additional investments during the period,the financial statements can be prepared directly from the work sheet.

It is NOT necessary to post the total of which of the following columns to the related ledger accounts?

Match the terms with the definitions. -Columns in journals for frequently used accounts.

To be sure that the debits entered in the journal are equal to the credits,the journal must be posted.