Unit 9 - Accounting

What does a checkmark in parentheses below a General column total indicate?

• that you do not post the amounts in the column individually

• that the total does not need to be posted

• that the total is posted to the ledger

• that you are finished posting the total

If the Supplies account is the second asset account, it would be numbered:

• 100

• 110

• 115

• 120

Which form summarizes all the changes to a single account in one place?

• Chart of accounts

• Account number

• Journal

• Ledger

The two steps to opening an account in the general ledger are

• writing the account name and recording the account balance

• writing the date of entry and the journal page number

• recording the debit or credit transaction and account balance

• writing the account name and the account number

The first digit in an account number indicates:

• that the account is a balance sheet account

• the general ledger division of that account

• the location of the account in the general ledger

• that the account belongs in the revenue division of the general ledger

When journaling a correcting entry, what do you debit in the transaction that incorrectly debited Accounts Payable, Roger's Electric instead of Accounts Payable, Electric Current Company?

• Cash

• Accounts Payable, Electric Current Company

• Accounts Payable, Roger's Electric

• Sales

When journaling a correcting entry, what do you credit in the transaction that incorrectly debited Accounts Payable, Roger's Electric instead of Accounts Payable, Electric Current Company?

• Accounts Payable, Electric Current Company

• Sales

• Cash

• Accounts Payable, Roger's Electric

When journaling a correcting entry, what do you credit in the transaction that incorrectly debited Electric Expense instead of Utilities Expense?

• Cash

• Electric Expense

• Utilities Expense

• Miscellaneous Expense

When is a correcting entry necessary?

• when you transpose a number

• when you misspell a word

• when you record the wrong source document

• when a journal entry was recorded incorrectly and was posted to the ledger

Posting references in a journal are:

• posted last when posting in a ledger

• the account numbers for the amount posted

• located in the Post. Ref. column

• All of the above