Question : 111. What another name for the general journal? A. The book. B. The ledger. C. The book : 1256631

 

 

111. What is another name for the general journal?

A. The book.

B. The ledger.

C. The book of original entry.

D. The record.

E. The account book.

 

 

112. A balance column account is: 

A. An account entered on the balance sheet.

B. An account with debit and credit columns for posting entries and another column for showing the balance of the account after each entry is posted.

C. An alternate name for the retained earnings account.

D. An account used to record the transfers of assets from a business to its stockholders.

E. A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.

 

 

113. A general journal is: 

A. A ledger in which amounts are posted from a balance column account.

B. Not required if T-accounts are used.

C. A complete record of each transaction in the place from which transaction amounts are posted to the ledger accounts.

D. Not necessary in electronic accounting systems.

E. A book of final entry because financial statements are prepared from it.

 

 

 

 

114. Listed below are two pieces of information. Where is the best place to locate this information, in the journal or the ledger?

1. Details of a transaction thattook place on October 3.

2. All of the sales activity thattook place during the current month. 

A. 1. Journal 2.Journal

B. 1.Journal 2.Ledger

C. 1.Ledger 2.Ledger

D. 1.Ledger 2.Journal

E. This information is only available on the financial statements.

 

115. Which of the following is the appropriate journal entry if a company performs a service and then bills the customer?

A. Debit to Cash, debit to Service Revenue.

B. Debit to Cash, credit to Service Revenue.

C. Debit to Accounts Receivable, credit to Cash.

D. Debit to Service Revenue, credit to Accounts Receivable.

E. Debit to Accounts Receivable, credit to Service Revenue.

 

 

 

 

116. Which of the following is the appropriate journal entry if a company performs a service and is paid immediately?

A. Debit to Cash, debit to Service Revenue.

B. Debit to Cash, credit to Service Revenue.

C. Debit to Accounts Receivable, credit to Cash.

D. Debit to Service Revenue, credit to Accounts Receivable.

E. Debit to Accounts Receivable, credit to Service Revenue.

 

 

 

117. Which of the following is the appropriate journal entry if a company hires a new employee?

A. Debit to Cash, credit to Wages Revenue.

B. No entry should be made.

C. Debit to Wages Expense, credit to Cash.

D. Debit to Cash, credit to Wages Expense.

E. Debit to Wages Payable, credit to Wages Expense.

 

 

 

 

118. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000?

A. Debit to Cash, debit to Equipment, credit to Notes Payable.

B. No entry should be made.

C. Debit to Equipment, credit to Notes Payable, credit to Cash.

D. Debit to Cash, debit to Notes Payable, credit to Equipment.

E. Debit to Equipment, debit to Notes Payable, credit to Cash.

 

 

 

119.  What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance?

Owner invested cash.

$100,000

Purchased supplies with cash.

$20,000

Received bill for one month of rent.

$2,200

Paid wages.

$800

Billed customer for services performed services performed.

$1,250

 

A. $124,250

B. $80,150

C. $78,250

D. $79,200

E. $80,450

 

 

 

120.  What would be the account balance in Accounts Receivable after the following transactions, assuming a zero beginning balance?

Performed services and left a bill.

$4,200

Performed services and collected immediately.

$3,500

Performed services and billed customer.

$2,200

Performed services on account.

$6,000

Received partial payment on account.

$1,500

A. $17,400

B. $10,900

C. $14,400

D. $  4,500

E. $  2,000

 

 

 

 

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