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Exam 4: Journalizing and Posting Transactions

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Question 21

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The main advantage of a two-column account is that it maintains a running balance.

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Question 22

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The month in the journal is recorded

A) with every transaction.
B) as the first entry on a page.
C) for the first and last transaction of the month.
D) for the last transaction of the month.

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Question 23

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The purpose of a journal is to provide a chronological record of all transactions completed by the business.

The simplest form of journal is one with

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

Match the terms with the definitions. -​A list of all accounts (account titles) used by a business.

The Item column in the general ledger is used to describe special entries not including the following entries?

When an incorrect entry has been journalized and posted to a wrong account or for the wrong amount, a(n) ____________________ is required.

The following transactions occurred at Forever Green Lawn Service. Identify which account would be debited and credited to record each transaction. Write the identifying letters in the proper columns. The first transaction has been completed as an examplE.​ A.Cash B.Accounts Receivable C.Supplies D.Equipment E.Accounts Payable F.Fees Income G.Rent Expense H.Salaries Expense I.Telephone Expense ​

Transactions which do not affect the cash account do not need to be entered in the journal, since they do not affect net income or loss.

Purchase invoices received from suppliers provide information about cash payments.

A two-column journal has only two amount columns-one for the amount of the entry and one for the running balance.

The payment of a utility bill (like electricity) for the month would include

When delivery equipment is purchased on account, the transaction to be entered by the purchaser includes

Match the terms with the definitions. -​Entering the transactions in a journal.

Match the terms with the definitions. -​Drawing a single line through the incorrect account title or amount and writing the correct information directly above the line.

Source documents begin the process of entering transactions in the accounting system.

Entering the account number in the Posting Reference column of the journal is the first step in the posting process.

Match the terms with the definitions. -​A complete set of all the accounts used by a business.

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.