Book/Sheets.True or FalseInstruction; Write "I believe" if the statement is correct and "I object" if it is incorrect.1. Posting is done to complete the journalizing process2. Posting is in itself the classifying function of accounting3. The arrangement of account in the General Ledger is patterned from the chart of accounts4. The accounts that remains open after footing the general ledger constitute the trialbalance.5. A trial balance can be prepared in any given period of time regardless of whether or notfinancial statement is prepared6. The purpose of a trial balance is to check the arithmetical or mathematical accuracy inposting and footing of the accounts.7. A trial balance will not disclose an error, if the error is a journal entry that has not beenposted in its entirety.8. Posting an entry twice in the general ledger will cause the trial balance to be "out ofbalanced"although "out of balance" is called Forced Balanced.119. Any deliberate or intentional act of letting it appear that the trial balance is "in-balanceRequirements: 5. The allocation UI mUMultiple Choice. Encircle the letter of the correct answer for each question. Show voursolutions. (5pts each)estimated usefu! life of P10 years and an estimated salvage value of P5,000. Using this data, compute thedepreciation on a straight-line basis. How much depreciation should be recorded for 2001?P8,000b. P7,600P4,000d. P3,750Accounts payable had a balance of P30,000 on April 1. During April, P17,500 of equipment was acquiredon account. The April 30 balance was a credit of P28,500. How much were payments to accounts payableduring April?a. P11,000b. Р22,500P19,000d. P46,0003. Cris Laurente Services purchased a 1-year policy on April 1, 2001, for P6,000. The amount of prepaidinsurance reported on the balance sheet and the amount of insurance expense reported on the incomestatement at Dec. 31, 2001, are, respectively:a. P1,500; P4,500b. P4,500; P1,500C. P2,000; P4,000d. P4,000; P2,0004. On October 1, MJ paid P6,000 for six months' rent in advance. How much is the balance for prepaid rent as1. Luz Un Services acquired an equipment on July 1, 200I, for P80,000. The equipment has ana.G.2.С.С.of December 31?a. P4,000b. P3,000P1,000d. P2,500С.5. Assume that an entity made credit sales of P2,500,000 in 2016 and prior experience indicates an expected1% average uncollectible accounts rate based on credit, How much is the amount for Uncollectible AccountsExpense?a. P250,000b. P25,000

Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Multiple Choice. Encircle the letter of the LUIT solutions. (5pts each) 1. Luz Un Services acquired an equipment on July 1, 2001, for P80,000. The equipment has an estimated useful life of P10 years and an estimated salvage value of P5,000. Using this data, compute the depreciation on a straight-line basis. How much depreciation should be reCorded for 2001? a. P8,000 b. P7,600 P4,000 d. P3,750 G. 1. During April, P17,500 of equipment was acquired

Multiple Choice. Encircle the letter of the LUIT solutions. (5pts each) 1. Luz Un Services acquired an equipment on July 1, 2001, for P80,000. The equipment has an estimated useful life of P10 years and an estimated salvage value of P5,000. Using this data, compute the depreciation on a straight-line basis. How much depreciation should be reCorded for 2001? a. P8,000 b. P7,600 P4,000 d. P3,750 G. 1. During April, P17,500 of equipment was acquired

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.1KTQ: Read each definition below and write the number of the definition in the blank beside the...

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Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Event External event Internal event Transaction Source document Account Chart of accounts General ledger Debit Credit Double-entry system Journal Posting Journalizing General journal Trial balance A numerical list of all accounts used by a company. A list of each account and its balance; used to prove equality of debits and credits. A happening of consequence to an entity. An entry on the right side of an account. An event occurring entirely within an entity. A piece of paper that is used as evidence to record a transaction. The act of recording journal entries. An entry on the left side of an account. The process of transferring amounts from a journal to the ledger accounts. An event involving interaction between an entity and its environment. A record used to accumulate amounts for each individual asset, liability, revenue, expense, and component of stockholders equity. A book, a file, a hard drive, or another device containing all of the accounts. A chronological record of transactions. Any event that is recognized in a set of financial statements. The journal used in place of a specialized journal. A system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance.
A trial balance: lists only revenue and expense accounts; lists all accounts and their balances. will help detect omitted journal entries. detects all errors that could be made during the journalizing or posting steps of the accounting cycle.
________ 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
Which of the following is true? a.The process of transferring information from the journal to the ledger is called journalizing. b.When recording business transactions, it is not important that one use the exact account titles as listed in the chart of accounts. c.The ledger account form maintains a running balance of the account. d.All of these listed answers are correct.
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
The following comments each relate to the recording of journal entries. Which statement is true? Question 1 Select one: a. Journalization is the process of converting transactions and events into debit/credit format. b. For any given journal entry, debits must exceed credits c. The chart of accounts reveals the amount to debit and credit to the affected accounts d. It is customary to record credits on the left and debits on the right
Indicate all correct answers. In the accounting cycle:a. Transactions are posted before they are journalized.b. A trial balance is prepared after journal entries have beenposted. c. The Retained Earnings account is not shown as an up-to-date fi gure in the trial balance. d. Journal entries are posted to appropriate ledger accounts.
Post this journal to ledgers then trial balance. Please use column format for ledgers, not T account format... thanks
From the following list of steps in the accounting cycle, identify what two steps are missing: Transactions are analyzed and recorded in the journal. Transactions are posted to the ledger. An unadjusted trial balance is prepared. An optional end-of-period spreadsheet is prepared. Adjusting entries are journalized and posted to the ledger. An adjusted trial balance is prepared. Financial statements are prepared. A post-closing trial balance is prepared. Select the steps in the accounting cycle in their proper order and include the two missing steps. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books of Prime entry c. Trial Balance d. Journal
Which of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are true
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.