171. The process of transferring the journal entries to the accounts is known as
A. posting
B. updating
C. journalizing
D. summarizing
172. The posting process will include the transfer of the following information from the journal to the account.
A. date, amount (debit or credit)
B. date, amount (debit or credit), journal page number
C. amount (debit or credit), account number
D. date, amount (debit or credit) account number
173. The post reference columns are used to trace transactions from the journal to the accounts. What will be posted on the post reference column of (a) the journal and (b) on the account?
A. (a) the amount of the debit or credit (b) the journal page number
B. (a) the journal page number (b) the date of the transaction
C. (a) the journal page number, (b) the account number
D. (a) the account number, (b) the journal page number
174. Use the following information to answer questions 96-98.
The chart of account for the Corning Company includes some of the following accounts:
Account Name
|
Account Number
|
Cash
|
11
|
Accounts Receivable
|
13
|
Prepaid Insurance
|
15
|
Accounts Payable
|
21
|
Unearned Revenue
|
24
|
Capital Stock
|
31
|
Dividends
|
32
|
Fees Earned
|
41
|
Salaries Expense
|
54
|
Rent Expense
|
56
|
|
|
On the journal page 3, the following transaction was found:
Prepaid Insurance
|
1,530
|
|
Cash
|
|
1,530
|
|
|
|
What is the post reference that will be found on the cash account?
A. 11
B. 15
C. 3
D. None
175. Use the following information to answer questions 96-98.
The chart of account for the Corning Company includes some of the following accounts:
Account Name
|
Account Number
|
Cash
|
11
|
Accounts Receivable
|
13
|
Prepaid Insurance
|
15
|
Accounts Payable
|
21
|
Unearned Revenue
|
24
|
Capital Stock
|
31
|
Dividends
|
32
|
Fees Earned
|
41
|
Salaries Expense
|
54
|
Rent Expense
|
56
|
|
|
Prepaid Insurance
|
1,530
|
|
Cash
|
|
1,530
|
|
|
|
What is the post reference that will be found on the Prepaid Insurance account?
A. 11
B. 15
C. 3
D. None
176. Use the following information to answer questions 96-98.
The chart of account for the Corning Company includes some of the following accounts:
Account Name
|
Account Number
|
Cash
|
11
|
Accounts Receivable
|
13
|
Prepaid Insurance
|
15
|
Accounts Payable
|
21
|
Unearned Revenue
|
24
|
Capital Stock
|
31
|
Dividends
|
32
|
Fees Earned
|
41
|
Salaries Expense
|
54
|
Rent Expense
|
56
|
|
|
On the journal page 3, the following transaction was found:
Prepaid Insurance
|
1,530
|
|
Cash
|
|
1,530
|
|
|
|
What is the post reference that will be found on the journal entry?
A. 15, 11
B. 15
C. 11
D. 3
177. The chart of account for the Miguel Company includes some of the following accounts:
Account Name
|
Account Number
|
Cash
|
11
|
Accounts Receivable
|
13
|
Prepaid Insurance
|
15
|
Accounts Payable
|
21
|
Unearned Revenue
|
24
|
Capital Stock
|
31
|
Dividends
|
32
|
Fees Earned
|
41
|
Salaries Expense
|
54
|
Rent Expense
|
56
|
|
|
On the journal page 3, the following transaction was found:
What is the post reference that will be found on the journal entry?
A. 41
B. 3
C. 11, 41
D. 11
178. The chart of account for the Miguel Company includes some of the following accounts:
Account Name
|
Account Number
|
Cash
|
11
|
Accounts Receivable
|
13
|
Prepaid Insurance
|
15
|
Accounts Payable
|
21
|
Unearned Revenue
|
24
|
Capital Stock
|
31
|
Dividends
|
32
|
Fees Earned
|
41
|
Salaries Expense
|
54
|
Rent Expense
|
56
|
|
|
On the journal page 5, the following transaction was found:
Salaries Expense
|
525
|
|
Cash
|
|
525
|
|
|
|
What is the post reference that will be found on the Salaries Expense account?
A. 5
B. 11
C. 54
D. None
179. The accounts in the ledger of Monroe Entertainment Co. are listed in alphabetical order. All accounts have normal balances.
Accounts Payable
|
1,500
|
|
Fees Earned
|
3,000
|
Accounts Receivable
|
1,800
|
|
Insurance Expense
|
1,300
|
Investment
|
2,000
|
|
Land
|
3,000
|
Cash
|
2,600
|
|
Wages Expense
|
1,400
|
Dividends
|
1,200
|
|
Capital Stock
|
8,800
|
|
|
|
|
|
The total of all the assets is:
A. $9,400
B. $9,000
C. $9,100
D. $9,800
180. A trial balance is prepared to
A. prove that there were no errors made in recording transactions into the journal
B. prove that no errors were made in posting to the ledger
C. prove that each account balance is correct
D. summarize the account balances to help prepare financial statements