Chapter 11 Test
the previous balance is added to the new amount posted in the Credit column
When a cedit is posted to the accounts payable ledger
False
When a sale causes the balance of a customer account in an accounts receiveable ledger to change, the balance of the controlling account, Account Receivable is the same.
Balance is written in the item column
When opening a new page in an accounts receivable ledger
True
When using an accounts receivable ledger, the total amount from all customers is summarized in a single general ledger account
income statement and balance sheet accounts
a general ledger sorts and summarizes all informatuon affecting
after all journal entries are posted
a schedule of accounts payable is prepared
charge customers
the accounts receiveable ledger contains only accounts of
not posted
A check mark is placed in parentheses below the general debit and general credit column totals in the cash payments journal to indicate that the two column totals are
True
A general ledger sorts and summarizes all information affecting income statement and balance sheet accounts
True
A vendor account is opened by writing the vendor name and vendor number on the heading of the ledger account.
True
Accounts Payable is a single general ledger account that is summarizes the total amount owed to all vendors
True
Amounts recorded in general amount columns of a cash payments journal are posted individually to th egeneral ledger account named in the Account Title column.
True
An account in a general ledger that summarizes all accounts in a subisdiary ledger is a controlling account
True
At the end of the month, the Accounts Payable Credit column total of a purchases journal is posted to the controlling account
False
Daily general ledger account balances are necessary for a business.
True
Each amount in a cash receipts journal's Accounts Receivable column is posted individually to an account in the accounts receivable ledger
True
The account form for a vendor has a Credit Balance column because accounts payable is a liability, and liabilities have normal credit balances
True
The balance of the controlling account, Accounts Payable, equals the total of all vendor account balances in the accounts payable subsidiary ledger
False
The business with transactions involving mostly the receipt and payment of cash generally does not use any ledgers
False
The heading of the balance column of an account in the accounts payable ledger is titled Debit balance.
true
The number of entries that may be recorded on each account form depends on the number of lines provided
all of these
an error in posting may cause
usually not necessary
daily general ledger account balances are
posted to the genreal ledger only as a part the column total
the separate amounts in the Accounts Receivable Debit column of a sales journal are