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Exam 4: The General Journal and the General Ledger

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Question 1

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The______ is referred to as the record of final entry.

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ledger or ...

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Question 2

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Agatha Panthis Landscape Architect Company earned $2,500 of revenue collecting $1,000 immediately and will correct the remaining amount in 30 days. The journal entry to record this transaction is:

A) Debit Fees Income $2,500; Credit Cash $1,000; credit Accounts Receivable $1,500
B) Debit Cash $1,000; Debit Accounts Receivable $1,500; Credit Fees Income $2,500
C) Debit Fees Income $2,500; Credit Accounts Receivable $2,500
D) Debit Cash $1,000; Credit Fees Income $1,000

E) A) and D)
F) A) and C)

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Question 3

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The Accounts Payable account has a $3,000 credit balance. An entry for the payment of $1,000 on the amount owed is recorded and posted. The new balance of the Accounts Payable account is:

When posting, the ________ is recorded in the Posting Reference column of the journal.

An amount debited to Cash in a journal entry should be posted as a credit to the Cash account in the ledger.

A firm purchased telephone equipment for cash. By mistake, the accountant debited Utilities Expense instead of Office Equipment. The error was discovered after the data posted. The correcting entry should contain:

On June 1, XYZ Inc. paid $400 to its landlord for rent for the current month. The journal entry to record this transaction is:

The accounts with identification letters for Able Delivery Services are listed below. During the January, the company completed the transactions listed below. Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount. Some entries may need more than one debit and/or more than one credit. The first transaction is completed as an example.

On September 1, Lazy A, Inc. paid $2,200 for a one year insurance policy. The journal entry to record this transaction is:

When recording a business transaction into the journal, certain steps are followed. Identify the statement below that is CORRECT regarding the journalizing process.

Anna Conda Landscaping service received a bill for the utilities used during September. The bill will be paid in October. The journal entry to record the utility bill received is:

The process of transferring data from a journal to a ledger is known as ________.

The journal entry to record the payment of salaries for the month is:

The journal entry to record the sale of services on credit should include:

The journal entry to record the performance of services for cash would include:

On December 5, Honor Consulting Services issued a check to purchase $1,800 of office equipment. The journal entry to record this transaction is:

Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

For each of the accounts listed below, enter the words, Increase or Decrease, in the Debit and Credit columns to indicate the effects of each on the account balance. The first row has been completed for reference. $\begin{array}{|l|l|l|l|}\hline &{\text { Account }} & \text { Debit } & \text { Credit } \\\hline \text { A. } & \text { Cash } & \text { Increase } & \text { Decrease } \\\hline \text { B. } & \text { Accounts Payable } & & \\\hline \text { C. } & \text { Fees Income } \\\hline \text { D. } & \text { Ian Roberts, Capital } \\\hline \text { E. } & \text { Ian Roberts, Drawing } \\\hline \text { F. } & \text { Rent Expense } \\\hline \text { G. } & \text { Store Equipment } \\\hline \text { H. } & \text { Telephone Expense } \\\hline\end{array}$

Identify the entry below that records the purchase of office supplies on account.

Transactions are entered in the journal in chronological order.