Question 1

Which of the following statements is NOT correct?

Accepted Answer

A)   The description of a journal entry should include a reference to the source of the information contained in the entry.
B)   If goods are purchased on credit,the supplier's invoice number is used as the source document for the transaction.
C)   The credit portion of a general journal entry is always recorded first.
D)   A firm should be able to trace amounts through the accounting records and back to their source documents.

Question 2

Anna Conda Landscaping service received a bill for the utilities used during September.The bill will be paid in October.The journal entry to record the utility bill received is:

Accepted Answer

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

Question 3

The effects of each transaction are recorded in a financial record called a(n)____________________.

Accepted Answer

The answer of The effects of each transaction are recorded...

Question 4

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Accepted Answer

The answer of Indicate how each of the following would...

Question 5

ABC Co.performed $5,000 of consulting work.Their customer paid them $1,500 right away and agreed to pay the balance in 30 days.Select the correct journal entry from the options below to record the transaction:

Accepted Answer

A)   a debit to Cash for $1,500,a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $5,000.
B)   a debit to Cash for $1,500 and a credit to Fees Income for $1,500.
C)   a debit to Accounts Receivable for $3,500 and a credit to Fees Income for $3,500.
D)   a debit to Fees Income for $5,000,a credit to Cash for $1,500 and a credit to Accounts Receivable for $3,500.

Question 6

Transactions in a journal are initially recorded in

Accepted Answer

A)   account number order.
B)   alphabetical order.
C)   chronological order.
D)   dollar amount order. A

Question 7

The accounts with identification letters for Sealy 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.

Accepted Answer

The answer of The accounts with identification letters for Sealy...

Question 8

The journal entry to record the receipt of cash from credit clients on account would include

Accepted Answer

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

Question 9

Business papers,such as checks,invoices,receipts,letters,and memos,that furnish proof that a transaction has taken place are called

Accepted Answer

A)   ledgers.
B)   source documents.
C)   debit entries.
D)   accounts.

Question 10

On July 3,the ABC Company received $865 in cash on account from customers.The correct journal entry is

Accepted Answer

A)   debit Cash,$865;credit Income from Services,$865
B)   debit Cash,$865;credit Accounts Payable,$865
C)   debit Accounts Receivable,$865;credit Cash,$865
D)   debit Cash,$865;credit Accounts Receivable,$865

Question 11

A journal is referred to as a record of ____________________ entry.

Accepted Answer

The answer of A journal is referred to as a...

Question 12

When an entry is made in the general journal,

Accepted Answer

A)   the accounts to be credited should be indented.
B)   the first account entered should be indented.
C)   liability,capital,and revenue accounts should be indented.
D)   asset accounts should be indented. A

Question 13

For each of the accounts listed below,enter the words,Increase or Decrease,in the Debit and Credit columns to indicate the effects of each on the account balance.The first row has been completed for reference.

Accepted Answer

The answer of For each of the accounts listed below,enter...

Question 14

A ledger is sometimes referred to as a record of original entry.

Accepted Answer

A) True 
 B)False

Question 15

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Accepted Answer

The answer of Indicate how each of the following would...

Question 16

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

Accepted Answer

The answer of The number of the ____________________ is recorded...

Question 17

If a transaction is properly analyzed and recorded,

Accepted Answer

A)   only two accounts will be used to record the transaction.
B)   one account balance will increase and another will decrease.
C)   one asset account will be debited and one liability account will be credited.
D)   the total dollar amount debited will equal the total dollar amount credited.

Question 18

A journal entry containing more than one debit or more than one credit is called a(n)____________________ entry.

Accepted Answer

The answer of A journal entry containing more than one...

Question 19

A ledger account contains a complete record of the individual transaction activity in each account.

Accepted Answer

A) True 
 B)False

Question 20

If a journal entry that contains an error has already been posted,

Accepted Answer

A)   the incorrect items should be erased and replaced with the correct data.
B)   the journal need not be corrected but the posting to the ledger should be corrected by crossing out the incorrect data and writing the correct data above it.
C)   a correcting entry should be journalized and posted.
D)   the incorrect items should be corrected by crossing out the incorrect data and writing the correct data above it in both the journal and the ledger.

Exam 4: The General Journal and the General Ledger

Which of the following statements is NOT correct?

Correct Answer
verified

Anna Conda Landscaping service received a bill for the utilities used during September.The bill will be paid in October.The journal entry to record the utility bill received is:

Correct Answer
verified

The effects of each transaction are recorded in a financial record called a(n)____________________.

Correct Answer
verified

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Correct Answer
verified
11eac063_c411_af6c_9623_730ebd4fce9a_TB5411_00

ABC Co.performed $5,000 of consulting work.Their customer paid them $1,500 right away and agreed to pay the balance in 30 days.Select the correct journal entry from the options below to record the transaction:

Correct Answer
verified

Transactions in a journal are initially recorded in

Correct Answer
verified
A

Correct Answer
verified

The journal entry to record the receipt of cash from credit clients on account would include

Correct Answer
verified

Business papers,such as checks,invoices,receipts,letters,and memos,that furnish proof that a transaction has taken place are called

Correct Answer
verified

On July 3,the ABC Company received $865 in cash on account from customers.The correct journal entry is

Correct Answer
verified

A journal is referred to as a record of ____________________ entry.

Correct Answer
verified

When an entry is made in the general journal,

Correct Answer
verified
A

For each of the accounts listed below,enter the words,Increase or Decrease,in the Debit and Credit columns to indicate the effects of each on the account balance.The first row has been completed for reference.

Correct Answer
verified

A ledger is sometimes referred to as a record of original entry.

Correct Answer
verified

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Correct Answer
verified

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

Correct Answer
verified

If a transaction is properly analyzed and recorded,

Correct Answer
verified

A journal entry containing more than one debit or more than one credit is called a(n)____________________ entry.

Correct Answer
verified

A ledger account contains a complete record of the individual transaction activity in each account.

Correct Answer
verified

If a journal entry that contains an error has already been posted,

Correct Answer
verified

Exam 4: The General Journal and the General Ledger

Which of the following statements is NOT correct?

Correct AnswerverifiedShow Answer

Anna Conda Landscaping service received a bill for the utilities used during September.The bill will be paid in October.The journal entry to record the utility bill received is:

Correct AnswerverifiedShow Answer

The effects of each transaction are recorded in a financial record called a(n)____________________.

Correct AnswerverifiedShow Answer

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Correct Answerverified11eac063_c411_af6c_9623_730ebd4fce9a_TB5411_00

ABC Co.performed $5,000 of consulting work.Their customer paid them $1,500 right away and agreed to pay the balance in 30 days.Select the correct journal entry from the options below to record the transaction:

Correct AnswerverifiedShow Answer

Transactions in a journal are initially recorded in

Correct AnswerverifiedA

Correct AnswerverifiedShow Answer

The journal entry to record the receipt of cash from credit clients on account would include

Correct AnswerverifiedShow Answer

Business papers,such as checks,invoices,receipts,letters,and memos,that furnish proof that a transaction has taken place are called

Correct AnswerverifiedShow Answer

On July 3,the ABC Company received $865 in cash on account from customers.The correct journal entry is

Correct AnswerverifiedShow Answer

A journal is referred to as a record of ____________________ entry.

Correct AnswerverifiedShow Answer

When an entry is made in the general journal,

Correct AnswerverifiedA

For each of the accounts listed below,enter the words,Increase or Decrease,in the Debit and Credit columns to indicate the effects of each on the account balance.The first row has been completed for reference.

Correct AnswerverifiedShow Answer

A ledger is sometimes referred to as a record of original entry.

Correct AnswerverifiedShow Answer

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

If a transaction is properly analyzed and recorded,

Correct AnswerverifiedShow Answer

A journal entry containing more than one debit or more than one credit is called a(n)____________________ entry.

Correct AnswerverifiedShow Answer

A ledger account contains a complete record of the individual transaction activity in each account.

Correct AnswerverifiedShow Answer

If a journal entry that contains an error has already been posted,

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
11eac063_c411_af6c_9623_730ebd4fce9a_TB5411_00

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified