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Exam 4: Journalizing and Posting Transactions

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Question 41

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The journal is commonly referred to as a(n) ____________________, because it is here that the first formal accounting record of a transaction is made.

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BOOK OF OR...

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Question 42

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Every entry in the journal should include all of the following EXCEPT

A) the title of each account affected.
B) the amounts.
C) a brief description.
D) the balance of the accounts affected.

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Question 43

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The chart of accounts includes the account titles in numerical order.

Match the terms with the definitions. -​Occurs when debit or credit amounts move a digit or two to the left or right when entered.

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)

Match the terms with the definitions. -​Occurs when two digits are reversed.

The purpose of a trial balance is to prove that the totals of the debit and credit balances in the ledger accounts are equal.

Source documents provide the input for the accounting process.

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

The flow of financial data through the accounting information system does NOT include

Corrections in accounts should NOT be

Match the terms with the definitions. -​The process of copying the debits and credits from the journal to the ledger accounts.

An erasure may suggest that you are hiding something.

When the trial balance indicates that the ledger is in balance, you can assume there are no errors in the ledger.

George Smyth opened a computer repair business on Apr. 1, 20--. During the first month of operations, the firm had the following transactions. Record these transactions on page 1 of the general journal. Omit explanations. Post appropriate transactions to the general ledger. Apr. 1 George Smyth invested $30,000 cash in the business. 2 Paid rent for April, $2,100. 8 Bought equipment for $12,000 and issued a check for $3,000 as a down payment. 12 Performed services for $3,200 in cash, and $1,200 on credit. 19 Paid electric bill, $225. 25 Received $900 on account from credit customers. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Information about cash disbursements can be obtained from check stubs and carbon copies of checks.

All transactions must be posted before preparing a trial balance.

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

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

After posting journal information to the ledger accounts, a check mark should be entered in the Posting Reference column of the journal to indicate that the transaction item has been posted.