Question : 156. April 14 Equipment : 1226927

 

 

156. 

April

14

Equipment

 

6,700

 

 

 

      Cash

 

 

  2,000

 

 

      Note Payable

 

 

  4,700

 

 

              ????????????

 

 

 

 

 

 

 

 

 

Which is the best explanation for this journal entry? A. Purchased equipment, paid cash of $2,000, with the remainder to be paid in the future.B. Purchased equipment, paid cash of $4,700, with the remainder to be received in the future.C. Purchased equipment, paid cash for the entire amount.D. Purchased equipment on credit.

 

157. The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a A. ledgerB. trial balanceC. accountD. balance sheet

 

158. The process of transferring the debits and credits from the journal entries to the ledger accounts is called A. slidingB. transposingC. journalizingD. posting

 

159. The posting process will include the transfer of the following information from the journal to the account. A. date, amount (debit or credit)B. date, amount (debit or credit), journal page numberC. amount (debit or credit), account numberD. date, amount (debit or credit) account number

 

160. The Post. Ref. columns are used to trace transactions from the journal to the accounts.  What will be entered in the Post. Ref. column of (a) the journal and (b) the account? A. (a) the amount of the debit or credit (b) the journal page numberB. (a) the journal page number (b) the date of the transactionC. (a) the journal page number, (b) the account numberD. (a) the account number, (b) the journal page number

 

161. The chart of accounts for the Corning Corporation includes the following: 

Account Name

Account Number

Cash

11

Accounts Receivable

13

Prepaid Insurance

15

Accounts Payable

21

Unearned Revenue

24

Capital Stock

31

Retained Earnings

32

Dividends

33

Fees Earned

41

Salaries Expense

54

Insurance Expense

55

Rent Expense

56

 

 

On journal page 3, the following transaction was found: 

Prepaid Insurance

1,530

 

      Cash

 

1,530

 

 

 

What is the posting reference that will be found in the Cash account? A. 11B. 15C. 3D. none of these

 

162. The chart of accounts for the Corning Corporation includes the following: 

Account Name

Account Number

Cash

11

Accounts Receivable

13

Prepaid Insurance

15

Accounts Payable

21

Unearned Revenue

24

Capital Stock

31

Retained Earnings

32

Dividends

33

Fees Earned

41

Salaries Expense

54

Insurance Expense

55

Rent Expense

56

 

 

On journal page 3, the following transaction was found: 

Prepaid Insurance

1,530

 

      Cash

 

1,530

 

 

 

What is the posting reference that will be found in the Prepaid Insurance account? A. 11B. 15C. 3D. none of these

 

163. The chart of accounts for the Corning Corporation includes the following: 

Account Name

Account Number

Cash

11

Accounts Receivable

13

Prepaid Insurance

15

Accounts Payable

21

Unearned Revenue

24

Capital Stock

31

Retained Earnings

32

Dividends

33

Fees Earned

41

Salaries Expense

54

Insurance Expense

55

Rent Expense

56

 

 

On journal page 3, the following transaction was found: 

Prepaid Insurance

1,530

 

      Cash

 

1,530

 

 

 

What are the posting references that will be found in the journal entry? A. 15 and 11, respectivelyB. 11 and 15, respectivelyC. 11 and 55, respectivelyD. 3 only

 

164. The chart of accounts for Miguel Corporation includes the following: 

Account Name

Account Number

Cash

11

Accounts Receivable

13

Prepaid Insurance

15

Accounts Payable

21

Unearned Revenue

24

Capital Stock

31

Retained Earnings

32

Dividends

33

Fees Earned

41

Salaries Expense

54

Insurance Expense

55

Rent Expense

56

 

 

On journal page 3, the following transaction was found: 

Cash

640

 

       Fees Earned

 

640

 

 

 

What are the posting references that will be found in the journal entry? A. 41 and 11, respectivelyB. 3 onlyC. 11 and 41, respectivelyD. 11 and 32, respectively

 

165. The chart of accounts for Miguel Corporation includes the following: 

Account Name

Account Number

Cash

11

Accounts Receivable

13

Prepaid Insurance

15

Accounts Payable

21

Unearned Revenue

24

Capital Stock

31

Retained Earnings

32

Dividends

33

Fees Earned

41

Salaries Expense

54

Insurance Expense

55

Rent Expense

56

 

 

On journal page 5, the following transaction was found: 

Salaries Expense

525

 

      Cash

 

525

 

 

 

What is the posting reference that will be found in the Salaries Expense account? A. 5B. 11C. 54D. none of these

 

 

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