Posting to the ledgerReview Questions Page1of4Chapter 7 1.List the six steps to be followed in posting a journal entry. (1) ___________________________________________________________________________ (2) ___________________________________________________________________________ (3) ___________________________________________________________________________ (4) ___________________________________________________________________________ (5) ___________________________________________________________________________ (6) ___________________________________________________________________________ 2. Complete the following sentences by inserting the correct word or words in the blanks. A.The most commonly used form of ledger account is the ____________________ account. B. In the posting reference (P.R.) column of the account, the accountant writes the _____________________ of the journal. C.The process of transferring certain information from the bottom of the completed page to the top of a new page is called _________________________ . D.Over the years, professional accountants have made it a rule never to _____________________ in the books of account. E.It is customary to number the accounts in the ______________________ so they are easier to identify. 3. When examining a general journal, how can an accountant tell if an entry has been posted? _________________________________________________________________________________ _________________________________________________________________________________ 4. Why are erasures not permitted in accounting? _________________________________________________________________________________ _________________________________________________________________________________
Posting to the ledgerReview Questions Page2of4Chapter 7 5. In the account below, complete the necessary columns. ACCOUNTA/R—Ann Wood PARTICULARSP.R.Dr/CrJun. 20-. 7J17975— 5J22600— 24J25400— CREDITDEBITDATENO. 109 BALANCE 6. In the account below, calculate the balance for September 16, 20-. Then perform the forwarding procedures required to start a new account page. ACCOUNTA/R—Manitoba Equipment Co. PARTICULARSP.R.CRAug.20-. 15J221600-CrSep.4J26825-Cr16J30176 - ACCOUNTA/R—Manitoba Equipment Co. PARTICULARSP.R.Dr/CrCREDITDEBITDATEDATEDEBITCREDITNO. 211 1600- 775 - NO. 211 BALANCE BALANCE
Posting to the ledgerReview Questions Page3of4Chapter 7 7. Find the error in each question below. Describe the type of error, explain how you discovered it, and make corrections. Bank6000- Equipment3000- Capital9000- Supplies100- Accounts Payable100- Expense250- Bank250- Accounts Receivable168- Revenue168- Bank50- Accounts Receivable50- Drawings72- Bank72- PARTICULARSGENERAL JOURNAL DEBITCREDIT DEBITCREDIT Bank5 728 - Accounts Receivable118 - Supplies100 - Equipment3 000 - Accounts Payable100 - Capital9 000 - Drawings72 - Revenue168 - Expense205 - 9 223 -9 268 -
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