Question

The normal balance in an expense account is a credit.

True False
A journal is also referred to as a book of original entry.
True False
Simple journal entries affect more than three accounts.
True False

Journalizing is the process of transferring entries from the General Journal to the ledger accounts.
True False

A normal balance is one that is recorded on the side of the account on which decreases to that account are recorded.
True False

The date columns in a journal are on the right-hand side of the journal form.
True False

Journal entries are recorded in chronological order.
True False
Copying the number 89 as 98 is called a transposition.
True False

Liabilities are the first group of accounts in the General Ledger.
True False

Which of the following shows the flow of information from business transactions through the accounting system?

Journal to Ledger to Source Documents to Financial Statements
Ledger to Journal to Financial Statements to Source Documents
Source Documents to Journal to Ledger to Financial Statements
Source Documents to Ledger to Financial Statements to Journal
Source Documents to Ledger to Journal to Financial Statements

Which of the following accounts normally has a debit balance?
Capital
Expense
Income
Liability
All of the above normally have a debit balance

Which of the following errors would cause the trial balance column totals to be unequal?
A $75 purchase of office supplies on account was journalized and posted as a $57 debit to Accounts Payable and a $57 credit to Office Supplies.
A $200 payment for rent was posted as a $200 debit to Rent Expense and a $200 debit to Cash.
A $450 payment for utilities was journalized and posted as a $400 debit to Utilities Expense and a $400 credit to Cash.
The receipt of a $100 customer payment on an Account Receivable was overlooked and was not journalized nor posted.
All of the above errors would cause the trial balance totals to be unequal.

In posting an entry to record the purchase of office supplies of $235 on account, the debit to Office Supplies was posted as $325 and the credit to Accounts Payable was posted correctly. The difference between the trial balance totals, as a result of this error, will be
$0
$45
$90
$180
$325

The process of transferring entries from the journal to the ledger accounts is called
closing
footing
journalizing
posting
transposing

The difference between the total debits and the total credits in an account is called
a debit balance
a credit balance
the account balance
none of the above

Match the terms with the phrases.
Accounts Payable
Cash
Journal
Ledger
Transposition

A.Book of original, or first, entry
B.Asset
C.Liability
D.Book of final, or secondary, entry
E.Type of error

Answer 1

True or False

1.The normal balance in an expense account is a credit- FALSE, Normal balance in an expense account is debit.

2. A journal is also referred to as a book of original entry.- True

3.Simple journal entries affect more than three accounts.- FALSE.

4. Journalizing is the process of transferring entries from the General Journal to the ledger accounts.- FALSE. ledger is the process where entries are posted to ledger accounts.

5.A normal balance is one that is recorded on the side of the account on which decreases to that account are recorded.- TRUE

6.The date columns in a journal are on the right-hand side of the journal form- FALSE its on left side  

7. Journal entries are recorded in chronological order.- TRUE

8. Copying the number 89 as 98 is called a transposition -TRUE.

9.Liabilities are the first group of accounts in the General Ledger.-

10Which of the following shows the flow of information from business transactions through the accounting system?

Source Documents to Journal to Ledger to Financial Statements

11.Which of the following accounts normally has a debit balance?

Expenses.

12 n posting an entry to record the purchase of office supplies of $235 on account, the debit to Office Supplies was posted as $325 and the credit to Accounts Payable was posted correctly. The difference between the trial balance totals, as a result of this error, will be

$90

13. The process of transferring entries from the journal to the ledger accounts is called

POSTING

14.The difference between the total debits and the total credits in an account is called

ACCOUNT BALANCE

15. Match the following

Cash	Asset
Journal	Book of original entry
ledger	Book of final entry
accounts Payable	Liability
Transposition	Type of error