NEW
Font size
WorksheetsPosting to the General Ledger
Total questions: 21
Worksheet time: 21mins
A schedule that contains all accounts needed to prepare financial statements (p. 94)
General Journal
General Ledger
All Sales Invoices
Source Documents
The number assigned to an account (p. 94)
account number
invoice number
posting number
Journal page number
A ledger is a (p. 94)
group of accounts
form to enter transactions in chronological order
business paper from which information is obtained for an entry
a document used to record sales
The procedure for arranging accounts in the general ledger, assigning numbers, and keeping records current. (p. 95)
posting
journaling
file maintenance
proving cash
Writing an account title and a number on the heading of an account. (p. 96)
journaling
opening an account
posting
correcting entry
Transferring information from a journal entry to a ledger account (p. 98)
journaling
posting
file maintenance
correcting entry
Determining that the amount of cash agrees with the balance of the Cash account in the accounting records (p. 107)
posting
file maintenance
correcting entry
proving cash
An additional journal entry made to correct an incorrect journal entry (p. 109)
file maintenance
opening an account
proving cash
correcting entry
There are 4 steps in posting an amount from the debit column of a general journal (p. 98)
True
False
If a credit is posted to a liability account, the amount of the credit (p. 99)
will be added to the previous account balance to determine the new credit balance
will be subtracted from the previous account balance to determine the new credit balance
will be added to the previous account balance to determine the new debit balance
will be subtracted from the previous account balance to determine the new debit balance
The two steps for opening an account are writing the account title and recording the balance. (p. 96)
True
False
After a journal has been posted, (p. 102)
the Post Ref. column on the Journal is filled in with the account number
the Post Ref. column on the Journal is filled in with a page number
the Post Ref. column on the Journal is filled in with the source document number
the Post Ref. column on the Journal is filled in with the invoice number
Because an account form has columns for the debit and credit balance of an account, it is referred to as the balance - ruled account form (p. 93)
True
False
If a debit is posted to an asset account, the amount of the debit (p. 98)
will be subtracted from the previous balance to determine the new debit account balance
will be added to the previous balance to determine the new debit account balance
will be subtracted from the previous balance to determine the new credit account balance
will be added from the previous balance to determine the new credit account balance
When adding a new expense number between 510 and 520 the new account number would be (p. 95)
511
515
519
any number you choose
The General Ledger (p. 94)
pages must all have an account balance >0
can have more than one account on a page if space permits
should be updated at least once a month
should have a page fof each account listed in the chart of accounts
A journaling error is discovered after this erroneous transaction was posted to the general ledger. One should (p. 109)
erase the posting error from the general ledger and recalculate
scratch through the posting error on the general ledger and initial
corrected by adding a correcting entry and document with a memorandum
check with the department manager to see if he/she wants to make the correction
Bill Stone, owner, makes a $2,000 draw when there was $14,330 in the Cash account. There was $34,500 in the Capital account. He would post this to the General Ledger as
$2,000 Credit Bill Stone, Draw; $2,000 Debit Cash
$2,000 Debit Bill Stone, Draw; $2,000 Credit Cash
$2,000 Credit Bill Stone, Capital; $2,000 Debit Bill Stone. Draw
$2,000 Debit Bill Sone, Capital; $2,000 Credit Bill Stone Draw
Dequan's Car Detailing had cash sales of $840 yesterday. So far he has had $39,600 in Sales and has $2,788 in his Cash account. After posting what wiil be the new GL balances?
Credit Sales $40,440; Debit Cash $3,628
Debit Sales $40,440; Credit Cash $3,628
Credit Sales $35,760; Debit Cash $1,948
Debit Sales $35,760; Credit Cash $1,948
Rent Expense was posted to Miscellanous Expense in error. Which corrective entry below should be made? (p. 109)
Credit Rent Expense and Debit Miscellaneous Expense
Debit Rent Expense and Credit Miscellaneous Expense
Credit Miscellaneous Expense and Debit Cash
Debit Rent Expense and Credit Cash
Which could be account numbers for the following in the correct order: Property Sales; Acct Rec - Pat's Plumbing; Acct Pay - Archer Supply; Eric Nash - Drawing; Postage Expense
125; 130; 220; 410; 515
415; 120; 225; 320; 540
420; 123; 330; 220; 525
330; 135; 230; 420; 517
