Question : 111. A balance column ledger account is: A. An account entered the balance : 1225496

111. A balance column ledger account is: 

A. An account entered on the balance sheet.

 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. Another name for the withdrawals account.

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

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

112. 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.

 A complete record of any transaction and 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.

113. A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n): 

A. Account.

B. Trial balance.

 Journal.

D. T-account.

E. Balance column account.

114. A company had the following accounts and balances year-end:

If all of the accounts have normal balances, what are the totals for the trial balance? 

A. $45,200.

B. $67,000.

 $104,800.

D. $209,600.

E. $186,600.

115. An accountant has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction? 

A. Credit another asset account for $1,500.

B. Credit another liability account for $1,500.

C. Credit an expense account for $1,500.

D. Credit the owner’s capital account for $1,500.

 Debit another asset account for $1,500.

116. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): 

A. Account balance.

 Trial balance.

C. Ledger.

D. Chart of accounts.

E. General Journal.

117. Which of the following statements is true? 

A. If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions.

B. The trial balance is a book of original entry.

C. Another name for the trial balance is the chart of accounts.

 The trial balance is a list of all accounts from the ledger with their balances at a point in time.

E. The trial balance is another name for the balance sheet as long as debits balance with credits.

118. While in the process of posting from the journal to the ledger a company failed to post a $500 debit to the Office Supplies account. The effect of this error will be that: 

A. The Office Supplies account balance will be overstated.

 The trial balance will not balance.

C. The error will overstate the debits listed in the journal.

D. The total debits in the trial balance will be larger than the total credits.

E. The error will overstate the credits listed in the journal.

119. A $15 credit to Sales was posted as a $150 credit. By what amount is Sales in error? 

A. $150 understated.

 $135 overstated.

C. $150 overstated.

D. $15 understated.

E. $135 understated.

120. A trial balance taken at year-end showed total credits exceed total debits by $4,950. This discrepancy could have been caused by: 

A. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.

B. A net income of $4,950.

C. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.

 The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.

E. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.