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Exam 4: The General Journal and the General Ledger

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Question 31

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Indicate how each of the following would be reflected in the journal entry required to record the effects described by using debit or credit to indicate the increase or decrease in each affected account.

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Question 32

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Determine the accounts and amounts to be debited and credited for the following transactions for Madison's Clock Repair. A. Purchased new equipment for $1,700 by issuing a check for $1,000 as a down payment with the balance due in 30 days. B. Issued checks for $2,400 to pay the employees their monthly salaries. C. Issued a check for $700 to pay a creditor on account. D. Purchased supplies for $200 cash. E. Provided services for $6,800 on credit. F. Returned damaged supplies and received a $50 cash refund. G. Issued a check for $100 to pay the monthly telephone bill.

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A. Equipment (dr. $1,700); Cash (cr. $1,...

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Question 33

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A purchase of office equipment for $380 cash is journalized as:

The general ledger accounts are usually arranged in the following order:

A ledger is sometimes referred to as a record of original entry.

The Cash account has a $15,000 debit balance. A $5,000 credit entry and a $7,000 debit entry are posted to the account. The final balance of the Cash account is

The accounts with identification letters for Smart Delivery Services are listed below. During the current month, the company completed the transactions listed below. Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount. Some entries may need more than one debit and/or more than one credit. The first transaction is completed as an example.

Account names are written in the general journal exactly as they appear in the chart of accounts.

A journal is referred to as a record of ____________________ entry.

Transactions are recorded in either a journal or a ledger, but not in both.

Determine the accounts and amounts to be debited and credited for the following transactions for Folk Furniture Repair. A. Issued a check for $950 to pay the monthly rent. B. Purchased $130 worth of supplies on credit. C. The owner made an additional investment of $5,000 in cash. D. Sent a $75 check to the utility company to pay the monthly bill. E. Performed services for cash in the amount of $1,200. F. Provided services on credit in the amount of $800. G. Purchased new equipment for $300 and paid for it immediately by check. H. Issued a $1,000 check to pay a creditor on account. I. Collected $500 from credit customers.

The number of the ____________________ is recorded in the Posting Reference column of the journal.

The number of the journal page is recorded in the Posting Reference column of the ledger account to indicate that the total debits equal total credits.

The journal entry to record $2,450 of revenue earned and received in cash by Agatha Panthis Landscape Architect Company is:

For each of the accounts listed below, enter the words, Increase or Decrease, the Debit and Credit columns to indicate the effects of each on the account balance. The first row has been completed for reference.

A firm purchased telephone equipment for cash. By mistake, the person who recorded the transaction debited Utilities Expense instead of Office Equipment. The error was discovered after the data was posted. The correcting entry should contain

Match the accounting terms with the description by entering the proper number.

The account numbers are recorded in the Posting Reference column of the general journal

The process of transferring the data from the journal into the ledgers is called:

The printed forms used for accounts appear on separate sheets in a book or a binder called a(n) ____________________.