Accounting Chapter 11 T/F
T
When using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account.
F
Each amount in a sale's journal Account Receivable Debit column is posted as a credit to the customer account in the accounts receivable ledger.
T
Entries in a general journal may affect account balances in an account payable ledger.
F
Errors made in recording amounts in subsidiary ledgers always affect the general ledger controlling account.
T
The amount on each line of a purchases journal is posted as a credit to a vendor account in the accounts payable ledger.
T
The form used in the accounts receivable ledger has a Debit Balance column.
F
The number of entries that may be recorded on each ledger account form is limited to fifteen.
F
The steps for posting a journal entry to correct customer accounts are exactly the same as posting other transactions to subsidiary ledgers.
F
A change in the balance of a customer account does not affect the balance of the controlling account Accounts Receivable.
T
A change in the balance of a vendor account also changes the balance of the controlling account Accounts Payable.
T
A controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger.
T
A diagonal line in the Post. Ref. column allows the posting reference of two account numbers.
F
A schedule of account payable is prepared before all entries in a journal ar poste.
T
Posting frequently keeps each vendor account balance up to date.
T
The total amount owed to all vendors is summarized in a single general ledger account, Accounts Payable.
T
Accounts are arranged in alphabetical order within the subsidiary ledger.
F
Each amount in the General columns of a cash payments journal is posted as a total at the end of the month.
T
Each entry in the Accounts Receivable Credit column of the cash receipts journal is posted to the proper customer account in the accounts receivable ledger.
T
The accounts receivable ledger is proved when the balance of Accounts Receivable in the general ledger is the same as the total of the schedule of accounts receivable.
T
transactions recorded in a general journal can affect both subsidiary ledger and general ledger accounts.