What is the amount of steps to post the total of a special amount column?
200
A transaction for supplies bought last month was journalized and posted in error as a debit to Prepaid Insurance instead of Supplies, $150.00.
Which account do you write in the first entry?
Supplies, debit $150.00
200
A transaction has been improperly journalized and posted to the ledger
A correction entry is necessary.
300
Write the account title, after the word Account in the heading.
What is step one in Opening and Account in a General Ledger?
300
Previous Balance + Column Amount = New Balance
What is the equation for find the general ledger balance?
300
Planning, recording, analyzing, and interpreting financial information
What is accounting?
300
Income summary, insurance expense, and Supplies expense.
What will you learn in chapter 6?
:)
300
Each separate amount in the general debit and general credit columns of a journal is posed to the account written in the account column
Are the totals of the general credit and debit amounts posted?
400
A form with two debit and credit columns
What is a balance-ruled account form?
400
What is a trick for entering the balance total into it's correct column?
The debit/credit column that has the highest amount is the column that the balance will end up in.
400
Why to you return to the journal to write the account number below the special amount column?
To indicate that the amount column totals HAVE been posted into a general ledger.
400
When a accounting error is discovered.
When is a memorandum prepared as the source document describing a correction being made?
400
What are the two parts of an account number?
The general ledger division and the location within the general ledger division.
500
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
What is file maintenance?
500
General debit/credit column totals are not posted because....
Each separate amount in the general debit/credit columns of a journal are posted individually
500
Parenthesis.
What are the account numbers written with in general ledger divisions and below column totals?
500
Again, explain to me those crazy checks marks? Why is it all so important?
Post referencing! To confirm that the transactions were posted individually, the totals were not posted, and to confirm that they HAVE indeed been posted.
500
When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry debited to the correct expense account?