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Exam 4: Journalizing and Posting Transactions

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Question 1

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Source documents provide objective,verifiable evidence of business transactions.

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verified

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Question 2

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A separate line in the two-column journal should be used for each account title.

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Source documents begin the process of entering transactions in the accounting system.

A chronological record of financial transactions expressed as debits and credits to accounts is provided by the

After posting journal information to the ledger accounts,a check mark should be entered in the Posting Reference column of the journal to indicate that the transaction item has been posted.

Every entry in the journal should include all of the following EXCEPT

George Smyth opened a computer repair business on Apr.1,20--.During the first month of operations,the firm had the following transactions.Record these transactions on page 1 of the general journal.Omit explanations. Post appropriate transactions to the general ledger. ? Apr. 1 George Smyth invested $\$ 30,000$ cash in the business. 2 Paid rent for April, $\$ 2,100$ . 8 Bought equipment for $\$ 12,000$ and issued a check for $\$ 3,000$ as a down payment. 12 Performed services for $\$ 3,200$ in cash, and $\$ 1,200$ on credit. 19 Paid electric bill, $\$ 225$ . 25 Recerved $\$ 900$ on account from credit customers. ? ? ? ? ? ? $\begin{array}{ll}& \text { GENERAL LEDGER } \\ \text { Account Cash } && \text { Account No. 101 } \\\end{array}$ ? ? ? ? ? ? ? ?? ? ? ? ? ?

Posting from the journal to the ledger does NOT involve which of the following steps?

To make the posting process easier,posting reference entries are made at the same time that transactions are entered in the two-column journal.

A list of all accounts (account titles)used by a business is called a(n)____________________.

Information about cash disbursements can be obtained from check stubs and carbon copies of checks.

A trial balance can only be accurately prepared on the last day of the accounting period after all transactions have been entered.

Forms and papers that provide information about a business transaction are called

Entering the account number in the Posting Reference column of the journal is the first step in the posting process.

If the owner of a company invested cash in a business enterprise,the transaction would include

A(n)____________________ occurs when debit or credit amounts move a digit or two to the left or right when entered.

For EVERY transaction,the accountant enters the

Purchase invoices received from suppliers provide information about

The posting reference,amount,and description are the three items of information about each transaction that should e entered in the ledger accounts.

The purpose of a journal is to provide a chronological record of all transactions completed by the business.