Accounting Chapter 12

a schedule of accounts payable is prepared..?

after all journal entries are posted

when opening a new page in an accounts receivable ledger..?

balance is written in the item column

the accounts receivable ledger contains only accounts of..?

charge customers

a 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

false

when the balance of a customer account in an accounts receivable ledger is changed, the balance of the controlling account, accounts receivable, remains the same

false

a general ledger sorts and summarizes all information affecting..?

income statement and balance sheet accounts

a check mark is placed in parentheses below general debit and general credit column totals in a journal to indicate that the column totals are...?

not posted

the separate amounts in the accounts receivable debit column of a sales journal are..?

posted to the general ledge only as a part of the column total

When a credit is posted to the accounts payable ledger...?

the previous balance is added to the new amount posted in the credit column

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 summarizes the total amount owed to all vendors

true

amounts recorded in general amount columns are posted individually to the general ledger account named in the account title column

true

an account in a general ledger that summarizes all accounts in a subsidiary ledger is a controlling account

true

at the end of the month, the purchases journal's accounts payable credit column total is posted to the controlling account

true

each amount in a cash payment journal's or cash receipts journal accounts receivable column is posted individually to an account in the accounts receivable ledger

true

the account form from a vendor has a credit balance column because accounts payable are liabilities, and liabilities have normal credit balances

true

when using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account

true

daily general ledger account balances are...?

usually not necessary