Question 1

ABC Co. performed $5,000 of consulting work. Their customer paid them $3,500 right away and agreed to pay the balance in 30 days. Select the correct journal entry from the options below to record the transaction:

Accepted Answer

A)  a debit to Cash for $3,500, a debit to Accounts Receivable for $1,500 and a credit to Capital for $5,000.
B)  a debit to Cash for $3,500 and a credit to Fees Income for $3,500.
C)  a debit to Fees Income for $5,000, a credit to Cash for $3,500 and a credit to Accounts Receivable for $1,500.
D)  a debit to Cash for $3,500; a debit to Accounts Receivable for $1,500 and a credit to Fees Income for $5,000.

Question 2

The revenue accounts come before the expense accounts in the general ledger.

Accepted Answer

A) True 
 B)False

Question 3

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Accepted Answer

The answer of Indicate how each of the following would...

Question 4

A journal entry containing more than one debit or more than one credit is called a(n)________ entry.

Accepted Answer

The answer of A journal entry containing more than one...

Question 5

Transactions in a journal are initially recorded in:

Accepted Answer

A)  chronological order.
B)  randomly.
C)  dollar amount order.
D)  alphabetical order.

Question 6

Constantine Corporation reported Net Income for the year ended December 31, 2019, of $23,760 then discovered that the entry to pay the rent for December in the amount of $1,600 was not journalized and posted. What is the Net Income after the correcting journal entry is journalized and posted?

Accepted Answer

A)  $20,560
B)  $22,160
C)  $25,360
D)  $23,760

Question 7

The Posting Reference column of a journal is used to:

Accepted Answer

A)  record the number of the ledger account to which the information is posted.
B)  record the number of amounts posted to that ledger account since the beginning of the current accounting period.
C)  record the page number of the ledger account.
D)  record the date on which an amount is posted to a ledger account.

Question 8

Antonio Baldez operates a delivery service. During the month of April, the firm had the following transactions. Record these transactions on page 5 of a general journal. Omit the descriptions
April
1	Issued a check in the amount of $1,000 to pay the monthly rent
2	Antonio made an additional investment of cash in amount of $8,500
4	Performed services for $730 in cash
6	Sent a check in the amount of $350 to the utility company to pay the monthly bill
7	Purchased supplies in the amount of $750 on credit

Accepted Answer

GENERAL J...

Question 9

A purchase of office equipment for cash is journalized as:

Accepted Answer

A)  Debit Office Equipment; Credit Cash
B)  Debit Office Equipment; Credit Accounts Payable
C)  Debit Equipment Expense; Credit Cash
D)  Debit Cash; Credit Office Equipment

Question 10

When a transaction is entered in the general journal, the account to be______ is always recorded first in the Description column.

Accepted Answer

The answer of When a transaction is entered in the...

Question 11

In which of the following transactions would Utilities Expense be debited:

Accepted Answer

A)  the company paid a utility bill on account
B)  the company received and paid a bill for utilities
C)  the company received a bill for utilities to be paid the following month
D)  both A and B

Question 12

Which of the following statements is CORRECT?

Accepted Answer

A)  If an error in a journal entry is discovered before the entry is posted to the general ledger, the entry can simply be erased and replaced with the correct journal entry.
B)  If an error in a journal entry is discovered before the entry is posted to the general ledger, the error in the entry should be crossed out and the correct data written above it.
C)  If an error in a journal entry is discovered before the entry is posted to the general ledger, a journal entry should be made to correct the erroneous entry.
D)  All errors made in journal entries should be corrected by the preparation of a correcting journal entry.

Question 13

The journal entry to record a payment made in January for rent for the months of February and March would include:

Accepted Answer

A)  a debit to Rent Expense, and a credit to Sue Snow, Capital.
B)  a debit to Sue Snow, Drawing and a credit to Rent Expense.
C)  a debit to Rent Expense and a credit to Cash.
D)  a debit to Prepaid Rent and a credit to Cash.

Question 14

The ________ is recorded in the Posting Reference column of the ledger account.

Accepted Answer

The answer of The ________ is recorded in the Posting...

Question 15

A journal entry can consist of no more than one account to be debited and one account to be credited.

Accepted Answer

A) True 
 B)False

Question 16

A ledger account contains a complete record of the individual transaction activity in each account.

Accepted Answer

A) True 
 B)False

Question 17

Kelly Corporation reported Net Income for the year ended December 31, 2019, of $16,900 then discovered that an entry for revenue earned on December 30, 2019, in the amount of $1,400 had not been journalized and posted. What is the Net Income after the correcting journal entry is journalized and posted?

Accepted Answer

A)  $15,500
B)  $16,900
C)  $14,100
D)  $18,300

Question 18

The general ledger accounts are usually arranged in the following order:

Accepted Answer

A)  first the temporary accounts, then the permanent accounts.
B)  first the accounts with debit balances, then the accounts with credit balances.
C)  first the accounts used most often, then those used less frequently.
D)  first the balance sheet accounts, then the income statement accounts.

Question 19

On December 1, the Accounts Receivable account had a $5,000 balance. The business received
$400 during the month from its charge-account customer. After posting this transaction, the new balance in the Accounts Receivable account is:

Accepted Answer

A)  a $4,600 credit balance.
B)  a $4,600 debit balance
C)  a $5,400 debit balance.
D)  a $5,400 credit balance

Question 20

Transactions are recorded in either a journal or a ledger, but not in both.

Accepted Answer

A) True 
 B)False

Exam 4: The General Journal and the General Ledger

A ledger account contains a complete record of the individual transaction activity in each account.

Correct Answer
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The Posting Reference column of a journal is used to:

Correct Answer
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Correct Answer
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Constantine Corporation reported Net Income for the year ended December 31, 2019, of $23,760 then discovered that the entry to pay the rent for December in the amount of $1,600 was not journalized and posted. What is the Net Income after the correcting journal entry is journalized and posted?

Correct Answer
verified

The revenue accounts come before the expense accounts in the general ledger.

Correct Answer
verified

When a transaction is entered in the general journal, the account to be______ is always recorded first in the Description column.

Correct Answer
verified

In which of the following transactions would Utilities Expense be debited:

Correct Answer
verified

Transactions are recorded in either a journal or a ledger, but not in both.

Correct Answer
verified

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Correct Answer
verified

The journal entry to record a payment made in January for rent for the months of February and March would include:

Correct Answer
verified

The ________ is recorded in the Posting Reference column of the ledger account.

Correct Answer
verified

A journal entry can consist of no more than one account to be debited and one account to be credited.

Correct Answer
verified

On December 1, the Accounts Receivable account had a $5,000 balance. The business received $400 during the month from its charge-account customer. After posting this transaction, the new balance in the Accounts Receivable account is:

Correct Answer
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Correct Answer
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GENERAL J...
View Answer

A journal entry containing more than one debit or more than one credit is called a(n)________ entry.

Correct Answer
verified

Transactions in a journal are initially recorded in:

Correct Answer
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Which of the following statements is CORRECT?

Correct Answer
verified

A purchase of office equipment for cash is journalized as:

Correct Answer
verified

ABC Co. performed $5,000 of consulting work. Their customer paid them $3,500 right away and agreed to pay the balance in 30 days. Select the correct journal entry from the options below to record the transaction:

Correct Answer
verified

The general ledger accounts are usually arranged in the following order:

Correct Answer
verified

Exam 4: The General Journal and the General Ledger

A ledger account contains a complete record of the individual transaction activity in each account.

Correct AnswerverifiedShow Answer

The Posting Reference column of a journal is used to:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Constantine Corporation reported Net Income for the year ended December 31, 2019, of $23,760 then discovered that the entry to pay the rent for December in the amount of $1,600 was not journalized and posted. What is the Net Income after the correcting journal entry is journalized and posted?

Correct AnswerverifiedShow Answer

The revenue accounts come before the expense accounts in the general ledger.

Correct AnswerverifiedShow Answer

When a transaction is entered in the general journal, the account to be______ is always recorded first in the Description column.

Correct AnswerverifiedShow Answer

In which of the following transactions would Utilities Expense be debited:

Correct AnswerverifiedShow Answer

Transactions are recorded in either a journal or a ledger, but not in both.

Correct AnswerverifiedShow Answer

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

Correct AnswerverifiedShow Answer

The journal entry to record a payment made in January for rent for the months of February and March would include:

Correct AnswerverifiedShow Answer

The ________ is recorded in the Posting Reference column of the ledger account.

Correct AnswerverifiedShow Answer

A journal entry can consist of no more than one account to be debited and one account to be credited.

Correct AnswerverifiedShow Answer

On December 1, the Accounts Receivable account had a $5,000 balance. The business received $400 during the month from its charge-account customer. After posting this transaction, the new balance in the Accounts Receivable account is:

Correct AnswerverifiedShow Answer

Correct Answerverified GENERAL J...View AnswerShow Answer

A journal entry containing more than one debit or more than one credit is called a(n)________ entry.

Correct AnswerverifiedShow Answer

Transactions in a journal are initially recorded in:

Correct AnswerverifiedShow Answer

Which of the following statements is CORRECT?

Correct AnswerverifiedShow Answer

A purchase of office equipment for cash is journalized as:

Correct AnswerverifiedShow Answer

ABC Co. performed $5,000 of consulting work. Their customer paid them $3,500 right away and agreed to pay the balance in 30 days. Select the correct journal entry from the options below to record the transaction:

Correct AnswerverifiedShow Answer

The general ledger accounts are usually arranged in the following order:

Correct AnswerverifiedShow Answer

Correct Answer
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GENERAL J...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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