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Business

Accounting

Differentiate general journal from a ledger. 2. Is every transaction posted immediately to the ledger? Why or why not?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 8PB: Which of the following transactions will require a journal entry? Indicate if it will be a debit or...

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Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit, and to which account the entry will be recorded. Table 8.4
________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger). A. Hitching B. Posting C. Vetting D. Laxing
Arrange the following steps in the posting process in correct order: a. Write the ledger account number in the Post. Ref. column of the journal. b. Write the amount of the transaction. c. Write the date of the transaction. d. Write the page number of the journal in the Post. Ref. column of the ledger account.
Which of the following statements are true? A journal provides a chronological record of a transaction. A journal entry contains the complete effect of a transaction. The first step in preparing a journal entry involves analyzing the transaction. I and II I and III II and III All of these are true.
Transferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.
Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.
Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
Describe the transactions recorded in the following T accounts:
What is the purpose of providing a ledger account for each account?
If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle
Is the order in which we place information in the journal and ledger important?
Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of Accounts Payable.