Posting 101

Multiple Choice

Andy finished updating the supplies account at the end of the month. All of the information has been transferred from the general journal to the general ledger. What is the LAST step for him to do?

• Balancing the journal.

• Proving cash.

• Record a new account balance.

• Record an account number in the journal.

Multiple Choice

After an accountant posts to the General Ledger and calculates a new account balance in the credit column for Sales, what is the next posting procedure step?

• Write the account number

• Record the account number that the entry was posted to in the journal in the post reference column.

• Write the debit amount

• Record the source document in the Document Number Column.

Multiple Choice

If a journal's column totals are:

General Debit, $500; General Credit, $200; Sales Credit $350;

Cash Debit, $1000; Cash Credit $950

What does this mean?

• Cash debit column is incorrect.

• General credit column is incorrect

• Journal prove

• Journal does not prove

Multiple Choice

An accountant has recorded all closing entries, what is the next step in the accounting cycle?

• Interpret the financial information

• Record adjusting entries

• Prepare a postclosing trial balance

• Analyze transactions

Multiple Choice

An accountant has analyzed transactions, what is the next step in the accounting cycle?

• Interpret the financial information

• Post the data about the transactions

• Prepare a postclosing trial balance

• Journalize the data about the transactions

Multiple Choice

An accountant has finished with the general journal, what is the next step in the accounting cycle?

• Interpret the financial information

• post the data about the transactions

• Prepare a postclosing trial balance

• Journalize the data about the transactions

Multiple Choice

What is the last step in the accounting cycle?

• Interpret the financial information

• post the data about the transactions

• Prepare a postclosing trial balance

• Analyze transactions

Multiple Select

If Jason Taylor the owner of Welding Services withdrawals $4,000 from his company, what are the correct journal entries to make? (Choose Two)

• Debit Cash, $4,000,

• Credit Sales, $4,000

• Debit Jason Taylor, Drawing $4,000

• Credit Jason Taylor, Capital $4,000

• Credit Cash, $4,000

Multiple Select

If Jason Taylor the owner of Welding Services invests $4,000 in his company, what are the correct journal entries to make? (Choose Two)

• Debit Cash, $4,000,

• Credit Sales, $4,000

• Debit Jason Taylor, Drawing $4,000

• Credit Jason Taylor, Capital $4,000

• Credit Cash, $4,000

Multiple Select

If Welding Services receives $300 for repairs of a local well pump, what are the correct journal entries to make? (Choose Two)

• Debit Cash, $300

• Credit Sales, $300

• Debit Jason Taylor, Drawing $300

• Credit Jason Taylor, Capital $300

• Credit Cash, $300

Reorder

Order these 5 steps of posting to a general ledger.

• enter the date, description in the ledger

• enter the general journal page reference in the correct column

• enter the debit or credit amount

• compute the balance and enter it in the correct column

• enter the ledger account number in the posting column of the general journal

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