Question :
147.Which of the following statements true about a journal entry?
a.
The : 1244312
147.Which of the following statements is true about a journal entry?
a.
The Post. Ref. column is filled in prior to posting.
b.
The name of the month should be repeated for each entry.
c.
An explanation must follow each debit and each credit.
d.
All debits are listed before any credits.
148.Which of the following statements is false about a journal entry?
a.
It may have more than one debit or credit entry.
b.
Credits are always indented.
c.
A space should be skipped between journal entries.
d.
Accounts that are increased are always listed first.
149.Which of the following accounts should be credited in a journal entry?
a.
Wages Payable, when it has been decreased
b.
Accounts Receivable, when it has been decreased
c.
Wages Expense, when it has been increased
d.
Dividends, when it has been increased
150.Which of the following statements is true about a journal entry?
a.
A line is skipped between each debit and each credit.
b.
Decreases in liabilities are indented.
c.
Assets are entered before liabilities.
d.
The Post. Ref. column is left blank until entries are posted.
151.Which of the following statements is not necessarily true about a journal entry?
a.
The Post. Ref. column is left blank until after the entry has been posted.
b.
Liabilities are indented.
c.
An explanation follows the journal entry.
d.
All debits must be recorded before any credits.
152.The process of transferring journal entry information from the journal to the ledger is called
a.
journalizing.
b.
footing.
c.
posting.
d.
analyzing.
153.The Post. Ref. column in the general journal is used to show that an amount has been posted to the ledger when which of the following is placed in it?
a.
The journal page number
b.
The journal number
c.
The account number
d.
An X
154.The principal purpose of posting is to
a.
help identify errors made in the journal.
b.
obtain updated account balances.
c.
help determine if the financial statements are ready to be prepared.
d.
enter transactions directly into the ledger.
155.The account most recently posted is determined most efficiently by referring to the
a.
Post. Ref. column of the ledger.
b.
date column of the general journal.
c.
Post. Ref. column of the general journal.
d.
balance column of the ledger.
156.Posting is performed by transferring information from the
a.
source documents to the journal.
b.
source documents to the ledger.
c.
ledger to the journal.
d.
journal to the ledger.
