If the account number assigned is 140, the number 1 indicates that it is a
What is an asset?
100
Transferring information from a journal entry to a ledger account is called?
What is posting?
100
If an error is discovered, what source document is used to describe the transaction?
What is Memorandum?
100
The cash account is the first asset account and is numbered?
What is 110?
200
The number assigned to an account.
What is an account number?
200
All asset accounts are put in numerical order based on Liquidity except for these accounts which are in alphabetical order.
What is accounts receivable?
200
The two steps for opening an account are writing the account title and
What is assigning the account number?
200
A payment of cash for advertising was posted in error to Miscellaneous Expense for $120. What would be the correcting entry?
What is Advertising Expense DR $120 and Misc. Expense CR $120.
200
If the previous account balance and the current entry posted to the account are both debits, the new account balance is a
What is Debit?
300
Procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is
What is file maintenance?
300
If my existing accounts were:
560 Miscellaneous Expense
570 Rent Expense
What account number would I assign to Postage Expense?
What is 565?
300
How many steps are there to the posting process?
What is 5?
300
To correct an Incorrect Amount Posted to an Account
What is Draw a line through the incorrect amount, Write the correct amount just above the correction in the same space and recalculate the account balance?
300
When adding a new expense account between accounts numbered 510 and 520, the new account is assigned number?
What is 515?
400
Determining that the amount of cash agrees with the balance of the CASH account is
What is proving cash?
400
If my accounts were:
560 Miscellaneous Expense
570 Rent Expense
What account number would I assign to Utilities Expense?
What is 580?
400
What is the last step of the posting process?
What is return to the general journal and write the account number in the Post. Ref. column?
400
What are the three steps to correct an amount posted to the wrong column?
What is Draw a line through the incorrect item, record the posting in the correct amount column and recalculate the account balance?
400
If I am at the bottom of the page 10 in the general journal and cannot fit my entire entry on that page what should I do?
What is go to the next page and number it G11?
500
If a transaction is improperly journalized and posted to the ledger, you must correct this with a
What is correcting entry?
500
What accounts are listed under the Balance Sheet Accounts?
What are Assets, Liabilities and Owner's Equity?
500
What are the 5 steps to the posting process?
What is Enter the date, journal page number, debit or credit amount, calculate new balance, and return to the journal and write the account number in the Post Ref. column
500
You discovered that a transaction for Supplies bought last month was journalized and posted in error as a debit to Prepaid Insurance for $440. What is the correcting entry?
What is Debit Supplies $440 and Credit Prepaid Insurance $440.
500
List all of the categories to setup your chart of accounts and the first number that should be assigned?
What is Assets 1, Liabilities 2, Owner's Equity 3, Revenue 4 and Expenses 5?