Question 1

A(n)____________________ is a journal with special and general columns.

Accepted Answer

The answer of A(n)____________________ is a journal with special and...

Question 2

Adjusting and closing entries are made differently in the combination journal and in the general journal.

Accepted Answer

A) True 
 B)False

Question 3

Match the terms with the definitions.
-The column in the combination journal where the account number is entered after posting.

Accepted Answer

A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns 
A) accrual basis of accounting 
B) combination journal 
C) Description column 
D) General Credit column 
E) General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns

Question 4

To record the purchase of assets on account under the modified cash accounting method,

Accepted Answer

A)  no entry is required. 
B)  debit the asset and credit Accounts Payable. 
C)  debit the asset and credit Cash. 
D)  debit Accounts Receivable and credit Accounts Payable. 
A)  no entry is required. 
B)  debit the asset and credit Accounts Payable. 
C)  debit the asset and credit Cash. 
D)  debit Accounts Receivable and credit Accounts Payable.

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

Many small professional service businesses use the modified cash basis of accounting.

Accepted Answer

A) True 
 B)False

Question 7

Joe Maxwell is opening a new accounting practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal.
 
 $\begin{array} { c l } \text { April } 1 & \text { Invested } \$ 75,000 \text { in the practice. } \ 2 & \text { Purchased } \$ 500 \text { of office supplies on account. } \ 3 & \text { Paid } \$ 1,500 \text { for a three-year insurance policy. } \ 4 & \text { Purchased } \$ 10,000 \text { of computer equipment on account. } \ 15 & \text { Paid receptionist wages, } \$ 500 \text {. } \ 17 & \text { Billed clients, } \$ 1,600 . \ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \ 28 & \text { Received April electric bill, } \$ 75 . \ 30 & \text { Wages owed to receptionist for the last two weeks of April, } \$ 500 \text { to be paid in March. } \end{array}$

Accepted Answer

11ea84ea_4

Question 8

Seldom used accounts are entered in the General Debit column and the General Credit column of a special journal.

Accepted Answer

A) True 
 B)False

Question 9

A journal with special and general columns is called a combination journal.

Accepted Answer

A) True 
 B)False

Question 10

The debits and credits to Cash in the combination journal are posted

Accepted Answer

A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  after each cash transaction. 
A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  after each cash transaction.

Question 11

Businesses might set up special journal columns for different accounts depending on the frequency of their use.

Accepted Answer

A) True 
 B)False

Question 12

The ____________________ column in the combination journal is used to enter the account titles for the General Debit and General Credit columns,identify specific creditors when assets are purchased on account,and identify amounts forwarded.

Accepted Answer

The answer of The ____________________ column in the combination journal...

Question 13

In using a combination journal,posting requires less time; however,the danger of making a posting error is increased.

Accepted Answer

A) True 
 B)False

Question 14

The column totals of the combination journal for Davis Manufacturing are: Cash Debit,$1,500; Cash Credit,$1,328.50; General Debit,$868.20; General Credit,$1,300.If the totals are correct,and the Wages Expense is the only other column,what must be the total of the Wages Expense Debit column?

Accepted Answer

A)  $171.50 
B)  $260.30 
C)  $431.80 
D)  $1,039.70 
A)  $171.50 
B)  $260.30 
C)  $431.80 
D)  $1,039.70

Question 15

The cash balance may be computed at any time during the accounting period.

Accepted Answer

A) True 
 B)False

Question 16

A cash balance may be computed

Accepted Answer

A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  whenever desired. 
A)  daily. 
B)  weekly. 
C)  at the end of the accounting period. 
D)  whenever desired.

Question 17

Accounting for revenue when no entry of revenue is made in the accounts until cash is received for the services performed is called

Accepted Answer

A)  matching basis revenue. 
B)  cash basis expense. 
C)  service basis accounting. 
D)  modified cash basis. 
A)  matching basis revenue. 
B)  cash basis expense. 
C)  service basis accounting. 
D)  modified cash basis.

Question 18

Professional service enterprises include real estate,insurance,advertising,transportation,and various other firms.

Accepted Answer

A) True 
 B)False

Question 19

From the combination journal,the total of the Cash Debit column is posted as one amount to the credit side of the Cash account and the total of the Cash Credit column is posted as one amount to the debit side of the Cash account.

Accepted Answer

A) True 
 B)False

Question 20

The ____________________ column in the combination journal is used to credit accounts that are used infrequently.

Accepted Answer

The answer of The ____________________ column in the combination journal...

A(n)____________________ is a journal with special and general columns.

Adjusting and closing entries are made differently in the combination journal and in the general journal.

Match the terms with the definitions. -The column in the combination journal where the account number is entered after posting.

To record the purchase of assets on account under the modified cash accounting method,

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

Many small professional service businesses use the modified cash basis of accounting.

Seldom used accounts are entered in the General Debit column and the General Credit column of a special journal.

A journal with special and general columns is called a combination journal.

The debits and credits to Cash in the combination journal are posted

Businesses might set up special journal columns for different accounts depending on the frequency of their use.

The ____________________ column in the combination journal is used to enter the account titles for the General Debit and General Credit columns,identify specific creditors when assets are purchased on account,and identify amounts forwarded.

In using a combination journal,posting requires less time; however,the danger of making a posting error is increased.

The column totals of the combination journal for Davis Manufacturing are: Cash Debit,$1,500; Cash Credit,$1,328.50; General Debit,$868.20; General Credit,$1,300.If the totals are correct,and the Wages Expense is the only other column,what must be the total of the Wages Expense Debit column?

The cash balance may be computed at any time during the accounting period.

A cash balance may be computed

Accounting for revenue when no entry of revenue is made in the accounts until cash is received for the services performed is called

Professional service enterprises include real estate,insurance,advertising,transportation,and various other firms.

From the combination journal,the total of the Cash Debit column is posted as one amount to the credit side of the Cash account and the total of the Cash Credit column is posted as one amount to the debit side of the Cash account.

The ____________________ column in the combination journal is used to credit accounts that are used infrequently.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Filters

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

A(n)____________________ is a journal with special and general columns.

Adjusting and closing entries are made differently in the combination journal and in the general journal.

Match the terms with the definitions. -The column in the combination journal where the account number is entered after posting.

To record the purchase of assets on account under the modified cash accounting method,

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

Many small professional service businesses use the modified cash basis of accounting.

Seldom used accounts are entered in the General Debit column and the General Credit column of a special journal.

A journal with special and general columns is called a combination journal.

The debits and credits to Cash in the combination journal are posted

Businesses might set up special journal columns for different accounts depending on the frequency of their use.

The ____________________ column in the combination journal is used to enter the account titles for the General Debit and General Credit columns,identify specific creditors when assets are purchased on account,and identify amounts forwarded.

In using a combination journal,posting requires less time; however,the danger of making a posting error is increased.

The column totals of the combination journal for Davis Manufacturing are: Cash Debit,$1,500; Cash Credit,$1,328.50; General Debit,$868.20; General Credit,$1,300.If the totals are correct,and the Wages Expense is the only other column,what must be the total of the Wages Expense Debit column?

The cash balance may be computed at any time during the accounting period.

A cash balance may be computed

Accounting for revenue when no entry of revenue is made in the accounts until cash is received for the services performed is called

Professional service enterprises include real estate,insurance,advertising,transportation,and various other firms.

From the combination journal,the total of the Cash Debit column is posted as one amount to the credit side of the Cash account and the total of the Cash Credit column is posted as one amount to the debit side of the Cash account.

The ____________________ column in the combination journal is used to credit accounts that are used infrequently.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Filters