chapter 11 analyzing posting and subsidiary ledgers
A form in the accounts receivable ledger has (A) a Debit Balance column (B) a Credit Balance column (C) both Debit Balance and Credit Balance columns (D) none of these.
(A) a Debit Balance column
The journal that should be posted first is the (A) sales journal (B) purchases journal (C) general journal (D) cash payments journal
(A) sales journal
The total of all customer account balances in the accounts receivable ledger equals (A) the balance in the accounts receivable controlling account (B) the balance in the accounts payable controlling account (C) the cash account (D) none of these
(A) the balance in the accounts receivable controlling account
When all lines have been used in a ledger account form, a new page is prepared with the account name, account number, and (A) page number (B) account balance (C) company name (D) none of these.
(B) account balance
The separate amounts in the Accounts Receivable Debit column of a sales journal are (A) posted individually to the general ledger (B) posted individually to the accounts receivable ledger (C) not posted to the general ledger (D) none of these.
(B) posted individually to the accounts receivable ledger
When a credit is posted to the accounts payable ledger, the (A) source document number and page number of the journal are written in the Post. Ref. column of the account (B) previous balance is added to the new amount posted in the Credit column (C) credit amount is written in the Debit column of the account (D) word Balance is written in the Item column.
(B) previous balance is added to the new amount posted in the Credit column
The total amount of the purchases journal is posted to the general ledger (A) daily (B) weekly (C) at the end of the month (D) none of these
(C) at the end of the month
A check mark is placed in parentheses below the General Debit and General Credit column totals in the journal to indicate that the two column totals are (A) posted individually (B) posted only as part of the column total (C) not posted (D) none of these.
(C) not posted
Posting the special amount column totals in the cash payments journal is done (A) weekly (B) daily (C) after each transaction (D) none of these.
(D) none of these.
When a debit is posted to the accounts payable ledger, the (A) (B) cash account increases (C) controlling account is increased by the entry (D) all of the above.
a) debit amount is written in the Debit column of the account
a subsidiary ledger containing only accounts for vendors from whom items are purchased or brought on account
accounts payable ledger
a subsidiary ledger containing only accounts for charge customers
accounts receivable ledger
an account in a general ledger that summarizes all accounts in a subsidiary ledger
controlling accounts
The number of entries that may be recorded on each ledger account form is limited to fifteen.
false
a change in the balance of a customer account does not affect the balance of the controlling account, accounts receivable
false
a schedule of accounts payable is prepared before all entries in a journal are posted
false
each amount in a sales journals accounts receivable debit column is posted as a credit to the customer account in the accounts receivable ledger
false
each amount in the general columns of a cash payments journal is posted as a total at the end of the month
false
errors made in recording amounts in subsidiary ledgers always affect the general ledger controlling accounts
false
the steps for posting a journal entry to correct customer accounts are exactly the same as posting other transactions to subsidiary ledger
false
a listing of vendor accounts, accounts balances, and total amounts due all vendors
schedule of accounts payable
a listing of customer accounts, account balances, and total amount due from all customers
schedule of accounts receivable
a ledger that is summarized in a single general ledger account
subsidiary ledger
A change in the balance of a vendor account also changes the balance of the controlling account, Accounts Payable.
true
Accounts are arranged in alphabetical order within the subsidiary ledgers.
true
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
true
The form used in the accounts receivable ledger has a Debit Balance column
true
The total amount owed to all vendors is summarized in a single general ledger account, Accounts Payable.
true
When using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account.
true
a controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger
true
a diagonal line in the post ref column allows the posting reference of two account numbers
true
entries in a general journal may affect account balances in an accounts payable ledger
true
posting frequently keeps each vendor account balance up to date
true
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
true
the amount on each line of a purchases journal is posted as a credit to a vendor account in the accounts payable ledger
true
the monthly total of each special amount column in a cash payments journal is posted to a general ledger account
true
transaction recorded in a general journal can affect both subsidiary ledger and general ledger accounts
true