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Exam 2: Analyzing Transactions

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Question 111

Multiple Choice

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The posting process will include the transfer of which of the following data from the journal to the ledger?

A) date, amount (debit or credit)
B) date, amount (debit or credit) , journal page number
C) amount (debit or credit) , account number
D) date, amount (debit or credit) account number

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Question 112

Multiple Choice

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The chart of accounts for Corning Company includes the following: ​ Page 3 of the journal contains the following entry: -What posting references will be found in the journal entry?

A) 15, 11
B) 15, 3
C) 11, 3
D) 3, 15

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Question 113

True/False

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Normal account balances are on the increase side of the accounts.

A list of the accounts used by a business is called the

Which of the following statements is not a purpose for the journal?

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Wrong amount posted to an account

The right-hand side of a T account is known as a debit and the left-hand side is known as a credit.

A chart of accounts is a listing of accounts that make up the journal.

The normal balance of the drawing account is a debit.

A credit balance in which of the following accounts would likely indicate an error?

Accounts in the ledger are usually maintained in alphabetical order.

On January 1,Merry Walker established a catering service.Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions that occurred during the first month of operations.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number (s)in the appropriate box.​

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances.​​ Total assets are

All owner's equity accounts record increases to the accounts with credits.

Liabilities are increased with debits and decreased with credits.

The Posting Reference columns are used to trace transactions from the ledger to the journal.What will be entered in the Posting Reference column of (1) the journal and (2) the ledger?

To determine the balance in an account,always subtract credits from debits.

Increases and decreases in various types of accounts are listed below.In each case,indicate by "Dr." or "Cr." (a)whether the change in the account would be recorded as a debit or a credit and (b)whether the normal balance of the account is a debit or a credit.

Transactions are listed in the journal chronologically.