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The following errors in recording the transactions for June were discovered in the general journal the next month after the data had been posted to the ledger.Record the necessary correcting entries on page 2 of a general journal.Omit the descriptions. The following errors in recording the transactions for June were discovered in the general journal the next month after the data had been posted to the ledger.Record the necessary correcting entries on page 2 of a general journal.Omit the descriptions.

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Which of the following statements is CORRECT?


A) All transactions require compound entries.
B) Compound entries include only debits.
C) Accounts being debited should always follow the accounts being credited in a compound entry.
D) Compound entries affect more than one debit and/or more than one credit.

E) All of the above
F) C) and D)

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Identify the entry below that records the acquisition of office supplies on account.


A) debit Office Supplies;credit Cash
B) debit Office Supplies;credit Accounts Receivable
C) debit Accounts Payable;credit Office Supplies
D) debit Office Supplies;credit Accounts Payable

E) A) and B)
F) A) and C)

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A purchase of office equipment for $380 cash is journalized as:


A) Debit Office Equipment;Credit Accounts Payable
B) Debit Office Equipment;Credit Cash
C) Debit Equipment Expense;Credit Cash
D) Debit Cash;Credit Office Equipment

E) A) and D)
F) A) and C)

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The journal entry to record $2,450 of revenue earned and received in cash by Agatha Panthis Landscape Architect Company is:


A) Debit Fees Income;Credit Accounts Receivable
B) Debit Cash;Credit Fees Income
C) Debit Fees Income;Credit Cash
D) Debit Accounts Receivable;Credit Fees Income

E) A) and B)
F) All of the above

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The process of transferring the data from the journal to the general ledger is called:


A) footing
B) posting
C) transposing
D) journalizing

E) A) and B)
F) B) and C)

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The Posting Reference column of a journal is used to


A) record the date on which an amount is posted to a ledger account.
B) record the number of the ledger account to which the information is posted.
C) record the number of amounts posted to that ledger account since the beginning of the current accounting period.
D) record the page number of the ledger account.

E) A) and D)
F) A) and B)

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When transactions are entered in a general journal,the asset accounts are listed first,followed by the liability and owner's equity accounts.

A) True
B) False

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Which of the following statements is CORRECT?


A) All errors made in journal entries should be corrected by the preparation of a correcting journal entry.
B) If an error in a journal entry is discovered before the entry is posted to the general ledger,the entry can simply be erased and replaced with the correct journal entry.
C) If an error in a journal entry is discovered before the entry is posted to the general ledger,the error in the entry should be crossed out and the correct data written above it.
D) If an error in a journal entry is discovered before the entry is posted to the general ledger,a journal entry should be made to correct the erroneous entry.

E) A) and C)
F) All of the above

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The account numbers from the ledger are recorded in the Posting Reference column of the general journal


A) as the transaction is journalized.
B) after each amount is posted.
C) after all entries on the journal page have been posted.
D) as the first amount written in the journal.

E) A) and C)
F) C) and D)

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When a transaction is entered in a general journal,the first account title is indented about half an inch from the left margin of the Description column.

A) True
B) False

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The accounts with identification letters for Orly Delivery Services are listed below. The accounts with identification letters for Orly Delivery Services are listed below. During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example. During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example. The accounts with identification letters for Orly Delivery Services are listed below. During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example.

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A journal entry can consist of no more than one account to be debited and one account to be credited.

A) True
B) False

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The Cash account has a $15,000 debit balance.A $5,000 credit entry and a $7,000 debit entry are posted to the account.The final balance of the Cash account is


A) a $3,000 debit balance.
B) a $27,000 debit balance.
C) a $13,000 debit balance.
D) a $17,000 debit balance.

E) B) and D)
F) B) and C)

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The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include


A) a debit to Equipment for $100 and a credit to Cash for $100.
B) a debit to Equipment for $500,a credit to Cash for $100,and a credit to Accounts Payable for $400.
C) a debit to Equipment for $100 and a credit to Accounts Payable for $400.
D) debit to Equipment for $500 and a credit to Cash for $500.

E) None of the above
F) A) and B)

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The accounts with identification letters for Smart Delivery Services are listed below. The accounts with identification letters for Smart Delivery Services are listed below. During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example. During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example. The accounts with identification letters for Smart Delivery Services are listed below. During the current month,the company completed the transactions listed below.Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount.Some entries may need more than one debit and/or more than one credit.The first transaction is completed as an example.

Correct Answer

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The journal entry to record the sale of services on credit should include


A) a debit to Accounts Receivable and a credit to Capital.
B) a debit to Cash and a credit to Accounts Receivable.
C) a debit to Fees Income and a credit to Accounts Receivable.
D) a debit to Accounts Receivable and a credit to Fees Income.

E) None of the above
F) A) and B)

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On December 5,Honor Consulting Services issued a check to purchase $800 in office supplies.The journal entry to record this transaction is:


A)
On December 5,Honor Consulting Services issued a check to purchase $800 in office supplies.The journal entry to record this transaction is: A) B) C) D)
B)
On December 5,Honor Consulting Services issued a check to purchase $800 in office supplies.The journal entry to record this transaction is: A) B) C) D)
C)
On December 5,Honor Consulting Services issued a check to purchase $800 in office supplies.The journal entry to record this transaction is: A) B) C) D)
D)
On December 5,Honor Consulting Services issued a check to purchase $800 in office supplies.The journal entry to record this transaction is: A) B) C) D)

E) C) and D)
F) A) and C)

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The first place a transaction is recorded is in the:


A) source document
B) general ledger
C) journal
D) trial balance

E) A) and B)
F) All of the above

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The number of the ____________________ is recorded in the Posting Reference column of the ledger account.

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