Accounting Ch. 4--Posting
110
Account number for Cash
210
Account number for a Payable account
A journal entry made to correct an error in the ledger is called an adjusting entry.
False
On a chart of accounts, all asset and expense accounts are in the same division (T/F).
False
The posting reference is always recorded in the journal as the first step in the posting procedure.
False
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called posting.
False--file maintenance
Account title and account number
First two steps when opening an account
First number in an account number signifies....
General ledger division
By 10s
How account numbers are assigned
"v" under a General Amount column means...
Total is not posted
A chart of accounts is a list of account titles and numbers showing the location of each account in a ledger (T/F).
True
A ledger that contains all accounts needed to prepare financial statements is called a general ledger. (T/F).
True
Account numbers may be assigned by 10s so that new accounts can be added easily (T/F).
True
Each amount in the Debit and Credit columns of a General Journal is posted to the account written in the Account Title column.
True
If a business has only two asset accounts, Cash and Supplies, the two accounts are numbered 110 and 120 (T/F).
True
If a new account is located between accounts numbered 210 and 220, the new account number should be 215 (T/F).
True
Transferring information from a journal entry to a ledger account is called posting.
True
Only totals
What is posted for a special amount column
All entries
What is posted for general amount columns
The number assigned to an account
account number
A group of accounts
ledger
2nd/3rd numbers in an account number signify...
the location within a general ledger division