Which of the following is the first step in recording a transaction in a journal?

1
The official list of all the accounts is called the journal. A) True B) False 2
The process of recording a transaction in a journal is called journalizing. A) True B) False 3
The process of transferring accounts from the book of original entry to the general ledger is called journalizing. A) True B) False 4
When journalizing, all debited accounts are listed first before any credited accounts. A) True B) False 5
Posting to the General ledger is done at the end of the year. A) True B) False 6
The Trial Balance has a debit column and a credit column. A) True B) False 7
Another name for the general ledger is the book of original entry. A) True B) False 8
In the general journal, all liability accounts and owner's equity accounts must be indented. A) True B) False 9
Failure to post an entire transaction will show up in the trial balance. A) True B) False 10
The general ledger is a collection of all the accounts and their balances. A) True B) False 11
The general journal keeps a running balance of the amount of money in each of the business's accounts. A) True B) False 12
An entry that affects three or more accounts is called a compound entry. A) True B) False 13
If a business buys supplies for cash, the first account listed in the journal entry will be Cash. A) True B) False 14
If a business pays its employees wages for the week, the first account listed in the journal entry will be Wages Expense. A) True B) False 15
If a business pays $100 on account, the first account listed in the journal entry will be Cash. A) True B) False 16
The proof that the debits and credits in the ledger are equal is called A) the trial balance. B) the statement of owner's equity. C) the income statement. D) the journal. E) none of these. 17
In the process of journalizing, the first thing to do is A) to record the information from a source document. B) to post the information to the ledger accounts. C) to prepare a trial balance. D) to record the account numbers in the journal. E) none of these. 18
Which of the following is/are not true about a proper journal entry? A) All debits are listed before the first credit. B) An explanation is needed immediately after each debit and immediately after each credit. C) A debit is never indented, even if a liability or owner's equity account is involved. D) All credits are indented. E) None of these is true. 19
Which of the following errors will probably show up in the preparation of a trial balance? A) failure to post an entire entry in the ledger B) posting the debit of a journal entry as a credit and the credit as a debit. C) failure to post part of an entry D) failure to record an entire entry in the journal E) none of these 20
A cash payment of $640 on account was recorded as a $460 debit to Accounts Payable and a $460 credit to Cash. The necessary correcting entry is A) debit Accounts Receivable, $180; credit Cash, $180. B) debit Accounts Payable, $180; credit Cash, $180. C) debit Cash, $180; credit Accounts Payable, $180. D) debit Cash, $180; credit Accounts Receivable, $180. E) none of these. 21
A payment of $260 was received from a charge customer and recorded and posted as $206. The necessary correcting entry is A) debit Cash, $54; credit Income from Services, $54. B) debit Cash, $54; credit Accounts Receivable, $54. C) debit Accounts Receivable, $54; credit Cash, $54. D) debit Cash, $54; credit Accounts Payable, $54. E) none of these. 22
A book of original entry is known as A) a journal. B) a general ledger. C) a ledger account. D) a trial balance. E) none of these. 23
A person wanting to know the balance of a particular account would refer to A) the chart of accounts. B) the source document. C) the general ledger. D) the book of original entry. E) none of these. 24
The process of analyzing a transaction to decide debits and credits, followed by the recording of the transaction in a book of original entry, is called A) posting. B) balancing the accounts. C) footing. D) taking a trial balance. E) none of these. 25
In the chart of accounts, if the number of an account is 211, this probably means that the account is A) an account in the Revenues section. B) an account in the Liabilities section. C) an account in the Owner's Equity section. D) an account in the Assets section. E) none of these. 26
Which of the following errors, considered individually, would cause the trial balance totals to be unequal? A) A payment of $61 for supplies was posted as a debit of $67 to Supplies and a credit of $36 to Cash. B) A payment of $472 to a creditor was posted as a debit of $472 to Accounts payable and a debit of $472 to Cash. C) Cash received from a customer on account was posted as a debit of $220 to cash and a credit of $22 to Accounts Receivable. D) Each of these would cause the totals to be unequal. E) None of these would cause the totals to be unequal. 27
When an entry is posted, the last step in the process is A) placing the account number in the Post. Ref. column of the journal. B) recording the explanation. C) placing the journal page number in the Post. Ref. column of the ledger. D) placing the account number in the Post. Ref. column of the ledger. E) none of these. 28
The first step in the posting process is A) recording the explanation in the journal. B) recording the date in the ledger account. C) recording the ledger account number in the journal. D) recording the journal page number in the ledger account. E) none of these. 29
In the process of posting from the journal to the ledger, the accountant failed to post a $42 debit to Cash. The effect of this error will be that A) the trial balance will not balance. B) the total debits in the trial balance will be larger than the total credits. C) the Cash account balance will be overstated. D) the amounts in the journal will be in error. E) none of these will happen. 30
Which of the following errors, each considered separately, would cause the trial balance totals to be unequal? A) A payment of $30 for Miscellaneous Expense was recorded as a debit of $30 to cash and a credit of $30 to Miscellaneous Expense. B) A payment of $360 to a creditor was posted as a debit of $360 to Accounts payable and a credit of $36 to Cash. C) $482 received from customers on account was posted as a debit of $428 to cash and a credit of $428 to Accounts Receivable. D) Each of these would cause the totals to be unequal. E) None of these would cause the totals to be unequal.

What is the first step in recording a journal entry?

What are the 5 steps in recording a transaction in a journal?

Which of the following is the first step in the recording process?

What is the process of recording transactions in a journal?