WorksheetsPosting to the General Ledger
Total questions: 20
Worksheet time: 17mins
If a credit is posted to a liability account, the amount of the credit
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
What happens when a credit is posted to an asset account?
The account balance increases
The account balance decreases
The account balance remains unchanged
The balance is transferred to a revenue account
A schedule that contains all accounts needed to prepare financial statements
General Journal
General Ledger
All Sales Invoices
Source Documents
What is the effect of a credit entry on a revenue account?
It transfers the balance to an asset account
It decreases the account balance
It increases the account balance
It has no effect on the account balance
When adding a new expense number between 510 and 520 the new account number would be
511
515
519
any number you choose
Rent Expense was posted to Miscellaneous Expense in error. Which corrective entry below should be made?
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
An additional journal entry made to correct an incorrect journal entry
file maintenance
opening an account
proving cash
correcting entry
After a journal has been posted
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
The number assigned to an account
account number
invoice number
posting number
Journal page number
What is the primary purpose of a general journal in accounting?
To record all transactions in chronological order
To summarize financial statements
To calculate net income
To manage cash flow
A ledger is a
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
Writing an account title and a number on the heading of an account.
journaling
opening an account
posting
correcting entry
The General Ledger
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 for 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
erase the posting error from the general ledger and recalculate
scratch through the posting error on the general ledger and initial
correct 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
Transferring information from a journal entry to a ledger account
journaling
posting
file maintenance
correcting entry
There are 4 steps in posting an amount from the debit column of a general journal
True
False
What is the effect of a debit entry on an expense account?
It has no effect on the account balance
It increases the account balance
It decreases the account balance
It transfers the balance to a liability account
If a debit is posted to an asset account, the amount of the debit
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
What is the purpose of a trial balance?
To prepare financial statements
To ensure that debits equal credits in the ledger
To calculate net income
To record all transactions in chronological order
The two steps for opening an account are writing the account title and recording the balance.
True
False
