Posting 1
T/F: All corrections for posting errors should be made in a way that leaves no question as to the correct amount. If False you must provide reason why it is false.
True
T/F: Separate amounts in general amount columns are posted individually. If False you must provide reason why it is false.
True
What is the only row in a journal that will never have anything in the Post. Ref. column?
The total row
Which account is the first asset account and what is that accounts account number?
Cash - 110
The procedure for transferring information from a journal entry to a ledger account is ___________.
Posting
When posting, what is recorded first?
The Post. Ref. in the journal OR the amounts in the ledger
The amounts in the ledger
T/F: Separate amounts in a journal’s special amount columns are posted individually. If False you must provide reason why it is false.
False, the amounts are not posted individually, they are posted as a total.
With the exception of the total lines, the Post. Ref. column of the journal is completely filled in with either _____________ or ____________.
Account number or check mark
What is the new account when adding a new expense account between accounts numbered 550 and 560?
555
The first digit in the account number 520 means that the account is in the _________ division of the ledger.
Expense
What column total(s) are not posted?
General credit and general debit
If the previous account balance and the current entry posted to an account are both debits, the new account balance is a _______ and the calculation is _______.
Debit and addition
What does a check mark in the Post. Ref. column of the journal indicate?
That amounts on that line are not posted individually
What are the two steps for opening an account?
Recording the account title and the account number
That the total is not posted.
What is the last step in the posting procedure?
Placing the account number in the Post. Ref. of the journal
What should happen if you post to Supplies and at the end of the month you realize it should have been posted to Prepaid Insurance?
Cross out the incorrect entry and record the entry in Prepaid Insurance.
The transaction does not have a general amount, instead it will have a Sales credit and Cash credit so the account titles are already known.
A group of accounts is called a _________.
Ledger
What document is used if an error requires a correcting entry?
Memorandum
What are all the steps for posting a transaction from the general journal?
Write the date, the journal page number, the amount from the journal, the balance, and the account number to the general journal
The numbers in the Post. Ref. columns of the general ledger account and the journal serve three purposes. What are they?
(1) Post in an account can be traced to journal. (2) Entry in a journal can be traced to where it was posted (3) If posting is interrupted, easy to see which entries in the journal still need to be posted.
If there are multiple journal pages, what is the account titles for the last line of the page and the first line of the next page?
Last line = Carried Forward
First line = Brought Forward
The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is known as _______________.
File maintenance
What would the correcting entry be if the payment of cash for rent was journalized and posted in error as a debit to Miscellaneous Expense instead of Rent Expense?
Rent expense debit and Miscellaneous expense credit