General Ledger Info
A shows in one place all the changes in a single account.
ledger
The cash account number.....
110
When an error requires a correcting entry, the source document describing the correction to be made is a.......
memorandum
Asset account numbers are in the....
100s
When given the following asset accounts, what account number would I give to Accounts Receivable--Beck Bros.?
110 Cash
120 Accounts Receivable--ABC Tours
130 Accounts Receivable--Seagate Travel
140 Supplies
125 Accounts Receivable--Beck Bros.
A group of accounts is called a.......
ledger
Revenue account numbers start in the.......
400s
All corrections for posting errors should be made in a way that leaves no question as to the correct amount.
True or False?
True
Owner's Equity account numbers are in the.....
300s
What is the Post. Ref. for each account in the general ledger?
General journal page number
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as......
file maintenance
If the Advertising Expense is account 510 and the Rent Expense is 520, what account number should I give Miscellaneous Expense?
515
If the payment of cash for rent was journalized and posted in error as a debit to Miscellaneous Expense instead of Rent Expense, what is my correcting journal entry?
Debit Rent Expense
Credit Miscellaneous Expense
Expense account numbers are in the.....
500s
The two steps for opening an account are....
Writing the account name
Writing the account number
What is the first step in posting to the ledger?
Writing the date
Expense accounts are listed in alphabetical order, while cash accounts are listed in order of......
liquidity
I sold services on account. In journalizing this transaction, I debited cash and credited sales. How do I correct this entry?
debit accounts receivable
credit cash
Liability account numbers will be in the.....
200s
When do I write the Post. Ref. in the General Journal
After I have posted to the ledger
The is place in the Post. Ref. column of the journal as the last step in the posting procedure.
account number
The normal balance of an owner's equity account is....
a credit balance
A journal entry debits cash for $120, but when posting to the ledger, you write $210. How do you make the correction?
You draw a line through the incorrect entry and balance and write the correct amount above it.
List these accounts in the correct order:
Supplies
Accounts Receivable
Cash
Prepaid Insurance
Cash
Accounts Receivable
Supplies
Prepaid Insurance
What is the Post. Ref. for each transaction in the General Journal?
Account Number