Accounting Chapter 11 Review

Journal entries are sorted and summarized by transferring information to

• Ledger Accounts

• Accounts Payable Ledger Accounts

• Accounts Receivable Ledger Accounts

• Filing Cabinet

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

• boss account

• expense account

• contra account

• controlling account

A check mark in parentheses below the General Debit column of a journal indicates the total

• has been posted

• will be posted later

• is not posted

• you got it correct

When a credit is posted to the accounts payable ledger,

• Balance is written in the Item column

• past balance is added to the amt posted in the Credit column

• the controlling account is increased by the entry

• the credit amt is written in the Debit column of the account

When a debit is posted to the accounts payable ledger,

• the debit amt is written in the Debit column of the account

• the cash account increases

• the controlling account is increased by the entry

• All of these

The Accounts Receivable Debit column total of the Sales journal

• posted often

• not posted

• posted monthly to a customer account

• posted to the general ledger controlling acct at end of month

A listing of vendor accounts, account balances, and total amount due to all vendors is a

• Schedule of Accounts Receivable

• Schedule of Accounts Payable

• Cash Proof

• Trial Balance

A listing of customer accounts, account balances, and total amount due from all customers is a

• Schedule of Accounts Receivable

• Schedule of Accounts Payable

• Cash Proof

• Trial Balance

The total of the schedule of accounts receivable should equal

• the cash account

• the debit and credit proof

• none of these

• the accountants receivable account balance in the general ledger

An error in posting may cause

• income to be overstated/understated on the income statement

• cash on hand to be less than the balance in the cash account

• a business to pay too much to a vendor

• All of these