Question 1

If cash is paid for worker salaries,the transaction includes

Accepted Answer

A)  debiting Salaries Expense and crediting Cash. 
B)  debiting Salaries Expense and crediting Accounts Payable. 
C)  debiting Salaries Expense and crediting Capital. 
D)  debiting Cash and crediting Salaries Expense. 
A)  debiting Salaries Expense and crediting Cash. 
B)  debiting Salaries Expense and crediting Accounts Payable. 
C)  debiting Salaries Expense and crediting Capital. 
D)  debiting Cash and crediting Salaries Expense.

Question 2

Transactions and journal entries are shown below.Read the transaction and determine if the correct journal entry
has been made.If a correction is necessary,use the ruling method to make the correction.
 a Bert Hollis, the owner, invested $\$ 45,000$ in the business.

$\begin{array}{ll}
\text { Cash } & 45,000 \
\text { Bert Hollis, Drawing } && 45,000
\end{array}$

b. Hollis paid the monthly rent of $\$ 1,275$.

$\begin{array}{ll}
\text { Cash } & 1,275 \
\text { Rent Expense } && 1,275
\end{array}$

c. Hollis paid cash to Union Electric for monthly utilities, $\$ 250$.

$\begin{array}{llr}
  \text { Utilities Expense  } &250 \
 \text {Accounts Payable  } &&250\
\end{array}$

d. Hollis made payment on account for office supplies purchased previously, $\$ 100$.

$\begin{array}{llr}
  \text { Office Supplies } &100\
 \text { Accounts Payable } &&100\
\end{array}$

e. A customer made a payment on account, $\$ 1,100$.
$\begin{array}{ll}
\text { Accounts Receivable } & 1,100 \
\text { Service Fees } && 1,100 
\end{array}$

Accepted Answer

Note: Text in parentheses is to be delet

Question 3

Copying the debits and credits from the journal to the ledger accounts is a process called ____________________.

Accepted Answer

The answer of Copying the debits and credits from the...

Question 4

Journal entries requiring more than one debit and/or one credit are called ____________________.

Accepted Answer

The answer of Journal entries requiring more than one debit...

Question 5

Firms are more likely to use a four-column journal account than T accounts.

Accepted Answer

A) True 
 B)False

Question 6

The flow of financial data through the accounting information system does NOT include

Accepted Answer

A)  analyzing transactions. 
B)  journalizing and posting transactions. 
C)  preparing a trial balance. 
D)  receiving payment for all accounts receivable. 
A)  analyzing transactions. 
B)  journalizing and posting transactions. 
C)  preparing a trial balance. 
D)  receiving payment for all accounts receivable.

Question 7

When entering titles of accounts in the two-column journal,the account to be credited is entered first and the account to be debited is entered second.

Accepted Answer

A) True 
 B)False

Question 8

The general ledger is kept to supply management with desired information in summary form.

Accepted Answer

A) True 
 B)False

Question 9

The flow of data through the accounting information system includes analyzing transactions,journalizing,posting,and preparing a trial balance.

Accepted Answer

A) True 
 B)False

Question 10

Sales revenue received in cash is entered by

Accepted Answer

A)  debiting Cash and crediting Sales Revenue. 
B)  debiting Sales Revenue and crediting Cash. 
C)  debiting Cash and crediting Accounts Payable. 
D)  debiting Accounts Payable and crediting Cash. 
A)  debiting Cash and crediting Sales Revenue. 
B)  debiting Sales Revenue and crediting Cash. 
C)  debiting Cash and crediting Accounts Payable. 
D)  debiting Accounts Payable and crediting Cash.

Question 11

A chart of accounts does NOT include

Accepted Answer

A)  assets. 
B)  liabilities. 
C)  owner's equity. 
D)  names of suppliers. 
A)  assets. 
B)  liabilities. 
C)  owner's equity. 
D)  names of suppliers.

Question 12

The ____________________ is used when a single line is drawn through the incorrect account title or amount and the correct information is written directly above the line.

Accepted Answer

The answer of The ____________________ is used when a single...

Question 13

The Posting Reference column of the journal provides a cross-reference between the

Accepted Answer

A)  ledger and accounts. 
B)  journal and ledger. 
C)  ledger and financial statements. 
D)  journal and financial statements. 
A)  ledger and accounts. 
B)  journal and ledger. 
C)  ledger and financial statements. 
D)  journal and financial statements.

Question 14

An account in the chart of accounts is assigned a number at random.

Accepted Answer

A) True 
 B)False

Question 15

The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts
are equal.

Accepted Answer

A) True 
 B)False

Question 16

The ledger is a reliable source of information only when all of the transactions entered in the journal have been
posted.

Accepted Answer

A) True 
 B)False

Question 17

When the trial balance indicates that the ledger is in balance,you can assume there are no errors in the ledger.

Accepted Answer

A) True 
 B)False

Question 18

No entries are made in the Posting Reference column in a two-column journal when journalizing.

Accepted Answer

A) True 
 B)False

Question 19

The chart of accounts includes assets,liabilities,and owner's equity accounts only.

Accepted Answer

A) True 
 B)False

Question 20

Almost any document that provides information about a business transaction is included in the chart of accounts.

Accepted Answer

A) True 
 B)False

If cash is paid for worker salaries,the transaction includes

Copying the debits and credits from the journal to the ledger accounts is a process called ____________________.

Journal entries requiring more than one debit and/or one credit are called ____________________.

Firms are more likely to use a four-column journal account than T accounts.

The flow of financial data through the accounting information system does NOT include

When entering titles of accounts in the two-column journal,the account to be credited is entered first and the account to be debited is entered second.

The general ledger is kept to supply management with desired information in summary form.

The flow of data through the accounting information system includes analyzing transactions,journalizing,posting,and preparing a trial balance.

Sales revenue received in cash is entered by

A chart of accounts does NOT include

The ____________________ is used when a single line is drawn through the incorrect account title or amount and the correct information is written directly above the line.

The Posting Reference column of the journal provides a cross-reference between the

An account in the chart of accounts is assigned a number at random.

The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts are equal.

The ledger is a reliable source of information only when all of the transactions entered in the journal have been posted.

When the trial balance indicates that the ledger is in balance,you can assume there are no errors in the ledger.

No entries are made in the Posting Reference column in a two-column journal when journalizing.

The chart of accounts includes assets,liabilities,and owner's equity accounts only.

Almost any document that provides information about a business transaction is included in the chart of accounts.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

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

Module Accounting For A Professional Service Business The Combination Journal

Filters

Exam 4: Journalizing and Posting Transactions

If cash is paid for worker salaries,the transaction includes

Copying the debits and credits from the journal to the ledger accounts is a process called ____________________.

Journal entries requiring more than one debit and/or one credit are called ____________________.

Firms are more likely to use a four-column journal account than T accounts.

The flow of financial data through the accounting information system does NOT include

When entering titles of accounts in the two-column journal,the account to be credited is entered first and the account to be debited is entered second.

The general ledger is kept to supply management with desired information in summary form.

The flow of data through the accounting information system includes analyzing transactions,journalizing,posting,and preparing a trial balance.

Sales revenue received in cash is entered by

A chart of accounts does NOT include

The ____________________ is used when a single line is drawn through the incorrect account title or amount and the correct information is written directly above the line.

The Posting Reference column of the journal provides a cross-reference between the

An account in the chart of accounts is assigned a number at random.

The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts are equal.

The ledger is a reliable source of information only when all of the transactions entered in the journal have been posted.

When the trial balance indicates that the ledger is in balance,you can assume there are no errors in the ledger.

No entries are made in the Posting Reference column in a two-column journal when journalizing.

The chart of accounts includes assets,liabilities,and owner's equity accounts only.

Almost any document that provides information about a business transaction is included in the chart of accounts.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

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

Module Accounting For A Professional Service Business The Combination Journal

Filters