5. The process of entering transaction data into the journal is called


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5. The process of entering transaction data into the journal is called: a. posting. b. journalizing. c. balancing. d. none of the above. 6. Which of the following is not a contribution of the general journal to

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5. The process of entering transaction data into the journal is called:
a. posting.

b. journalizing.

c. balancing.

d. none of the above.

6. Which of the following is not a contribution of the general journal to the recording process?

a. The determination of net income.

b. It discloses in one place the complete effect of a transaction.

c. It provides a chronological record of transactions.

d. It helps to prevent or locate errors because the debit and credit amounts for each entry can be readily compared.

7. The basic steps in the recording process are:

a. Analyze the transaction, enter the transaction in the journal, and transfer the information to the general ledger.

b. Enter the transaction in the journal, analyze the transaction, and transfer the information to the general ledger.

c. Analyze the transaction, enter the transaction in the financial statements, and enter the transaction in the journal.

d. None of the above.

8. All of the following accounts have debit balances with the exception of:

a. cash

b. wages expense.

c. unearned advertising fees.

d. prepaid insurance.

9. All of the following accounts would have credit balances with the exception of:

a. accounts payable.

b. notes payable.

c. unearned advertising fees.

d. dividends.

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