Question 1

Which of the following is true concerning the trial balance?

Accepted Answer

A)   If the trial balance equals then there are no errors in the recording of journal entries.
B)   A trial balance should be prepared before posting.
C)   The trial balance only lists the names of the accounts, not the balances.
D)   The trial balance proves only that the total ledger debit balances equal the total ledger credit balances.

Question 2

Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a

Accepted Answer

A)   credit to Cash.
B)   debit to Income from Services.
C)   debit to Accounts Receivable.
D)   credit to Income from Services.

Question 3

For a journal entry to be complete, it must contain

Accepted Answer

A)   the date.
B)   a debit entry.
C)   a credit entry.
D)   an explanation.
E)   all of the answers listed.

Question 4

Discuss the purposes of the general journal and the general ledger, as well as how they are connected.

Accepted Answer

The general journal is a book of origina...

Question 5

Which of the following is correct?

Accepted Answer

A)   The manual ruling method can only be used to correct an error in the journal before posting.
B)   The correcting entry method can only be completed in two steps.
C)   The manual ruling method can be used to correct an error in the ledger after an entry has been posted.
D)   All of the answers listed are correct.

Question 6

J. Jefferson invested $15,000 cash in his business. The accountant would record the following journal entry:

Accepted Answer

A)  Cash  $15,000\quad \$ 15,000$15,000 J. Jefferson, Capital  $15,000\quad \$ 15,000$15,000 
B)   J. Jefferson, Capital  $15,000\$ 15,000$15,000 Cash  $15,000\quad \$ 15,000$15,000 
C)     Cash $15,000 Income from Services $15,000\begin{array} { l } 	ext { Cash } &\$ 15,000 \	ext { Income from Services } & \$ 15,000\end{array} Cash  Income from Services ​$15,000$15,000​ 
D)   J. Jefferson, Drawing  $15,000\quad\$ 15,000$15,000  Cash  $15,000\quad \$ 15,000$15,000 A

Question 7

Posting involves

Accepted Answer

A)   transferring information from the income statement to the statement of owner's equity.
B)   transferring information from ledger to the journal.
C)   transferring information from the ledger to the balance sheet.
D)   transferring information from the journal to the ledger.

Question 8

The official list of all the accounts is called the chart of accounts.

Accepted Answer

A) True 
 B)False

Question 9

The chart of accounts for Samuel's Trucking Company is as follows:
Samuel's trucking Company completed the following transactions in October:
  Instructions:
Journalize the transactions for October using quality format in the journal and post to appropriate ledger accounts.

Accepted Answer

Account Account Receivable Acc...

Question 10

In a manual system, it is not proper to split a journal entry at the bottom of a page.

Accepted Answer

A) True 
 B)False

Question 11

Match between columns
                        Premises:  Number assigned to an account
 Process of recording transactions in a journal
 Process of transferring accounts and amounts from journal to ledger
 Recording assets at actual cost
Official list of all ledger accounts
 A book containing all the accounts of an enterprise
 Book of original entry
 Business papers supporting transactions
 Complete record of transactions recorded in each individual account
 Journal that has one column for debit amounts and one column for credit amounts

Accepted Answer

The Answer of Chart of accounts and Journalizing and General is...

Question 12

Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a

Accepted Answer

A)   debit to Cash.
B)   credit to Accounts Payable.
C)   credit to Supplies Expense.
D)   debit to Supplies.

Question 13

If an entry is correctly journalized, but posted to the incorrect accounts, with equal debits and credits, the trial balance will still be out of balance.

Accepted Answer

A) True 
 B)False

Question 14

Posting an entire transaction twice will cause the trial balance totals to be unequal.

Accepted Answer

A) True 
 B)False  False

Question 15

The ____________ is a book or file containing the activity by accounts of a business.

Accepted Answer

A)   general ledger
B)   journal
C)   trial balance
D)   income statement

Question 16

A $800 payment for Rent Expense was incorrectly journalized and posted as a debit to Wages Expense for $800 and a credit to Cash for $800. The correcting entry, using the one-step method, would include a

Accepted Answer

A)   debit to Cash for $800.
B)   credit to Rent Expense for $800.
C)   credit to Wages Expense for $800.
D)   credit to Cash for $800.

Question 17

The chart of accounts for Lara Landscaping is as follows:
Lara Landscaping completed the following transactions in July:
  Instructions:
Journalize the transactions for July, including a brief explanation for each entry.

Accepted Answer

The answer of The chart of accounts for Lara Landscaping...

Question 18

The chart of accounts for Mira Delivery Service is as follows:
  Mira Delivery Service completed the following transactions during May:
Instructions:
Journalize the transactions for May, including a brief explanation for each entry.

Accepted Answer

The answer of The chart of accounts for Mira Delivery...

Question 19

Match the terms below with the correct definitions.
-Process of transferring accounts and amounts from journal to ledger

Accepted Answer

A)  Chart of accounts
B)  Journalizing
C)  General ledger account
D)  General ledger
E)  JournalF) Source documentsG) PostingH) Account numberI) General journalJ) Cost principle

Question 20

Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry:

Accepted Answer

A)     Cash $6,000 Rent Expense $6,000\begin{array} { l r } 	ext { Cash } & \$ 6,000 \	ext { Rent Expense } & \$ 6,000\end{array} Cash  Rent Expense ​$6,000$6,000​ 
B)    Prepaid Rent $6,000 Cash $6,000\begin{array} { l r } 	ext { Prepaid Rent } & \$ 6,000 \	ext { Cash } & \$ 6,000\end{array} Prepaid Rent  Cash ​$6,000$6,000​ 
C)   Rent Payable  $6,000\quad\$ 6,000$6,000 Cash  $6,000\quad \$ 6,000$6,000 
D)   Rent Expense  $6,000\quad\$ 6,000$6,000 Cash  $6,000\quad \$ 6,000$6,000 D

Exam 3: The General Journal and the General Ledger

Which of the following is true concerning the trial balance?

Correct Answer
verified

Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a

Correct Answer
verified

For a journal entry to be complete, it must contain

Correct Answer
verified

Discuss the purposes of the general journal and the general ledger, as well as how they are connected.

Correct Answer
verified
The general journal is a book of origina...
View Answer

Which of the following is correct?

Correct Answer
verified

J. Jefferson invested $15,000 cash in his business. The accountant would record the following journal entry:

Correct Answer
verified
A

Posting involves

Correct Answer
verified

The official list of all the accounts is called the chart of accounts.

Correct Answer
verified

The chart of accounts for Samuel's Trucking Company is as follows: Samuel's trucking Company completed the following transactions in October: Instructions: Journalize the transactions for October using quality format in the journal and post to appropriate ledger accounts.

Correct Answer
verified

Account Account Receivable Acc...
View Answer

In a manual system, it is not proper to split a journal entry at the bottom of a page.

Correct Answer
verified

Match the correct definitions below with the terms .

Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a

Correct Answer
verified

If an entry is correctly journalized, but posted to the incorrect accounts, with equal debits and credits, the trial balance will still be out of balance.

Correct Answer
verified

Posting an entire transaction twice will cause the trial balance totals to be unequal.

Correct Answer
verified
False

The ____________ is a book or file containing the activity by accounts of a business.

Correct Answer
verified

A $800 payment for Rent Expense was incorrectly journalized and posted as a debit to Wages Expense for $800 and a credit to Cash for $800. The correcting entry, using the one-step method, would include a

Correct Answer
verified

The chart of accounts for Lara Landscaping is as follows: Lara Landscaping completed the following transactions in July: Instructions: Journalize the transactions for July, including a brief explanation for each entry.

Correct Answer
verified

The chart of accounts for Mira Delivery Service is as follows: Mira Delivery Service completed the following transactions during May: Instructions: Journalize the transactions for May, including a brief explanation for each entry.

Correct Answer
verified

Match the terms below with the correct definitions. -Process of transferring accounts and amounts from journal to ledger

Correct Answer
verified

Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry:

Correct Answer
verified
D

Exam 3: The General Journal and the General Ledger

Which of the following is true concerning the trial balance?

Correct AnswerverifiedShow Answer

Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a

Correct AnswerverifiedShow Answer

For a journal entry to be complete, it must contain

Correct AnswerverifiedShow Answer

Discuss the purposes of the general journal and the general ledger, as well as how they are connected.

Correct AnswerverifiedThe general journal is a book of origina...View AnswerShow Answer

Which of the following is correct?

Correct AnswerverifiedShow Answer

J. Jefferson invested $15,000 cash in his business. The accountant would record the following journal entry:

Correct AnswerverifiedA

Posting involves

Correct AnswerverifiedShow Answer

The official list of all the accounts is called the chart of accounts.

Correct AnswerverifiedShow Answer

The chart of accounts for Samuel's Trucking Company is as follows: Samuel's trucking Company completed the following transactions in October: Instructions: Journalize the transactions for October using quality format in the journal and post to appropriate ledger accounts.

Correct Answerverified​​ ​ Account Account Receivable Acc...View AnswerShow Answer

In a manual system, it is not proper to split a journal entry at the bottom of a page.

Correct AnswerverifiedShow Answer

Match the correct definitions below with the terms .

Red Baron Company purchased supplies for cash, $1,950. The transaction would involve a

Correct AnswerverifiedShow Answer

If an entry is correctly journalized, but posted to the incorrect accounts, with equal debits and credits, the trial balance will still be out of balance.

Correct AnswerverifiedShow Answer

Posting an entire transaction twice will cause the trial balance totals to be unequal.

Correct AnswerverifiedFalse

The ____________ is a book or file containing the activity by accounts of a business.

Correct AnswerverifiedShow Answer

A $800 payment for Rent Expense was incorrectly journalized and posted as a debit to Wages Expense for $800 and a credit to Cash for $800. The correcting entry, using the one-step method, would include a

Correct AnswerverifiedShow Answer

The chart of accounts for Lara Landscaping is as follows: Lara Landscaping completed the following transactions in July: Instructions: Journalize the transactions for July, including a brief explanation for each entry.

Correct AnswerverifiedShow Answer

The chart of accounts for Mira Delivery Service is as follows: Mira Delivery Service completed the following transactions during May: Instructions: Journalize the transactions for May, including a brief explanation for each entry.

Correct AnswerverifiedShow Answer

Match the terms below with the correct definitions. -Process of transferring accounts and amounts from journal to ledger

Correct AnswerverifiedShow Answer

Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry:

Correct AnswerverifiedD

Correct Answer
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The general journal is a book of origina...
View Answer

Correct Answer
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A

Correct Answer
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Correct Answer
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Correct Answer
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Account Account Receivable Acc...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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False

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Correct Answer
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D