accounting chapter 11 test b
a schedule of accounts payable is prepared- after all journal entries are posted
after all journal entries are posted
when opening a new page in an accounts receivable ledger- balance is written in the item column
balance is written in the item column
the accounts receivable ledger contains only accounts of - charge customers
charge customers
a business with transactions involving mostly the receipt and payment of cash generally does not use any ledgers- F
f
daily general ledger account balances are necessary for a business-F
f
the heading of the balance column of an account in the accounts payable ledger is titled debit balance-F
f
when a sale causes the balance of a customer account in an accounts receivable ledger to change, the balance of the controlling account, accounts receivable, remains the same. - F
f
a general ledger sorts and summarizes all information affecting- income statement and balance sheet accounts
income statement and balance sheet accounts
an error in posting may cause- income to be overstated or understated on the income statement, a business to pay too much to a vendor, cash on hand to be less than the balance in the cash account
income to be overstated or understated on the income statement, a business to pay too much to a vendor, cash on hand to be less than the balance in the cash account
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- not posted
not posted
the separate amounts in the accounts receivable debit column of a sales journal are- posted to the general ledger only as a part of the column total
posted to the general ledger only as a part of the column total
Amounts recorded in general amount columns of a cash payments journal are posted individually to the general ledger account named in the account title column - T
t
a general ledger sorts and summarizes all information affecting income statement and balance sheet accounts- T
t
a vendor account is opened by writing the vendor name and vendor number on the heading of the ledger account-T
t
accounts payable is a single general ledger account that summarizes to total amount owed to all vendors- T
t
an account in a general ledger that summarizes all accounts in a subsidiary ledger is a controlling account- T
t
at the end of the month, the Accounts Payable Credit column total of a purchases journal is posted to the controlling account- T
t
each amount in a cash receipts journal's accounts receivable columns is posted individually to an account in the accounts receivable ledger- T
t
the account form for a vendor has a credit balance column because accounts payable are liabilities and liabilities have normal credit balances- T
t
the balance of the controlling account accounts payable equals the total of all vendor account balances in the accounts payable subsidiary ledger.-T
t
the number of entries that may be recorded on each account form depends on the number of lines provided- T
t
when using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account- T
t
when a credit is posted to the accounts payable ledger- the previous balance is added to the new amount posted in the credit column
the previous balance is added to the new amount posted in the credit column
daily general ledger account balances are- usually not necessary
usually not necessary
