Exam 4: Journalizing and Posting Transactions

An erasure may suggest that you are hiding something.

The journal provides the information needed to transfer the debits and credits to the accounts in the ledger.

If the difference between the debits and credits of a trial balance is divisible by nine,you may have committed a(n)____________________ or a(n)____________________ error.

A(n)____________________ can be prepared daily,weekly,monthly,or whenever desired to prove the equality of the debits and credits in the ledger accounts.

The accounts in the chart of accounts are arranged in

When two digits in a debit or credit amount are reversed,a(n)____________________ has occurred.

Organize a chart of accounts,using correct headings from the list of account titles below: Accounts Payable Accounts Receivable Building Cash Equipment Insurance Expense Prepaid Insurance Rent Expense Service Fees Dunlop,Capital Dunlop,Drawing Supplies Wage Expense Wages Payable

To find an error,you should do all of the following EXCEPT

Almost any document that provides information about a business transaction can be called a(n)____________________.

The transaction to record payment for delivery equipment that was purchased on account in the previous month would include

It is permissible to enter information about a transaction in the ledger accounts first,before entering the information in the journal.

Cash is used to pay for a car for personal use by the owner.The transaction includes

The process of copying the debits and credits from the journal to the ledger accounts is known as posting.

Because the first formal accounting record of a transaction is made in a journal from source document information, a journal is commonly referred to as a(n)

Prepare a corrected trial balance by changing incorrect amounts and placing each amount in the proper column. ? Davenport's European Tours Trial Balance October 31, 20-- Account Title Dedit Credit 15,560 Cash 15,560 Accounts Receivable 406 Supplies 246 Prepaid Insurance 589 Equipment 24,450 Accounts Payable 6,012 Davenport, Capital 30,500 Davenport, Drawing 1,800 Repair Fees 9,274 Wages Expense 4,250 Rent Expense 1,300 Advertising Expense 290 Utilities Expense a. Be sure all accounts have been listed with the appropriate debit or credit balance and check column totals. b. The debits to the Cash account are $36,796,and the credits are $29,009. c. A $600 payment to a creditor was entered in the journal,but was not posted to the Accounts Payable account.Cash was properly posted. d. The Advertising Expense total has a transposition error of $81. e. Accounts Receivable contains a slide error.

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,prepare a correcting entry. a. Emma Fox, the owner, invested \ 47,000 cash. Equipment 47,000 Emma Fox, Capital 47,000 b. Fox paid wages of \ 2,600 Wages Expense 2,600 Wages Payable 2,600 c. Fox paid the monthly utility bill, \ 375 . Supplies 375 Cash 375 e. Services were provided to a client on account, \ 700 . Accounts Payable 700 Service Fees 700

Prepare general journal entries to record the following transactions.Omit explanations. ? ? Jan. 3 Paid office rent, $\$ 1,600$ . 4 Bought a truck costing $\$ 50,000$ , making a down payment of $\$ 7,000$ . 6 Paid wages, $\$ 3,000$ . 7 Received $\$ 16,000$ cash from customers for services performed. 10 Paid $\$ 4,100$ owed on last month's bills. 12 Billed credit customers, $\$ 5,300$ . 17 Received $\$ 1,800$ from credit customers. 19 Tayl or Gordon, the owner, withdrew $\$ 1,700$ . 23 Paid $\$ 700$ on amount owed for truck. 29 Received bill for utilities expense, $\$ 255$ .

The Item column in a general ledger is used to provide ____________________ for special entries.

In some cases,erasures are better for corrections than the ruling method.

Receipt stubs,carbon copies of receipts,cash register tapes,or memos of cash register totals provide information about