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31 the keeps a running balance of an individual account a general journal b balance 4297398

 

31) The ________ keeps a running balance of an individual account.

A) general journal

B) balance sheet

C) general ledger

D) posting reference

32) The ________ indicates where the information originated and to where the information was transferred.

A) general journal

B) balance sheet

C) general ledger

D) posting reference

33) One of the customers of Rodriguez Roofing, Inc. paid $223 on her bill. The journal entry that Rodriguez Roofing, Inc. would record is:

A) debit Accounts Receivable and credit Sales.

B) debit Cash and credit Sales.

C) debit Accounts Receivable and credit Cash.

D) debit Cash and credit Accounts Receivable.

34) The information from the general journal is transferred to the:

A) balance sheet.

B) income statement.

C) general ledger.

D) statement of retained earnings.

35) Journalizing does NOT include:

A) debiting account(s) that are affected.

B) crediting account(s) that are affected.

C) posting the debits and credits to the accounts.

D) entering the date of the transaction.

36) The posting reference column of the general journal provides a cross-reference between the:

A) ledger and accounts.

B) journal and ledger.

C) ledger and financial statements.

D) journal and financial statements.

37) Instead of T-accounts, businesses more than likely use a:

A) chart of accounts.

B) balance sheet.

C) general ledger.

D) general journal.

38) Every entry in the general journal should include all of the following EXCEPT:

A) the title of each account affected.

B) the amounts of debits and credits.

C) a brief description of the transaction.

D) the balance of the accounts affected.

39) The account “Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. The final balance is a:

A) credit balance of $1,225.

B) debit balance of $1,225.

C) credit balance of $1,575.

D) debit balance of $1,575.

40) Where is the best place for a company's accountant to find the information necessary to review the activity in the cash account?

A) General journal

B) General ledger

C) Trial balance

D) Bank statement

 

 

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