Accounting Semester 1 Test Review

The last step in the posting process is writing

• the entry date in the Date column of the account.

• the journal page number in the Post. Ref. column of the account.

• the entry amount in the Debit or Credit column of the account.

• the account number in the post reference column of the journal.

An account number in the journal's Post. Ref. column shows

• the account to which an amount is posted.

• the date of the entry.

• that work on that journal's page is completed.

• the source document of that transaction.

The bank statement shows an account balance of $8,500. There are outstanding checks totaling $1,200 and an outstanding deposit of $600. The adjusted bank balance should be

• $10,300

• $8.700

• $7,900

• You don't have enough information to calculate this. You also need to know if there are bank fees.

On a work sheet, the balance of the Sales account is extended to the

• Balance Sheet Debit Column

• Balance Sheet Credit Column

• Income Statement Debit Column

• Income Statement Credit Column

The journal entry to adjust Supplies is

• debit Supplies, credit Supplies Expense

• debit Supplies Expense, credit Supplies

• debit Income Summary, credit Supplies

• debit Supplies Expense, credit Income Summary

The journal entry to close Sales is

• debit Income Summary, credit Sales

• debit Sales, credit Income Summary

• debit Income Summary, credit owner's capital account

• debit owner's capital account, credit Income Summary

The journal entry to close the expense accounts is

• debit all expenses, credit owner's capital account

• debit Income Summary for the total expenses, credit each expense account

• debit each expense account, credit Income Summary for the total expenses

• debit owner's capital account, credit all expenses

An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a

• blank endorsement

• special endorsement

• restrictive endorsement

• deposit endorsement

The entry to establish a $300.00 petty cash fund is

• debit Cash $300, credit Petty Cash $300

• debit Miscellaneous Expense $300, credit Cash $300

• debit Petty Cash $300, credit Cash $300

• debit Petty Cash $300, credit Miscellaneous Expense $300

The posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger.

• True

• False