Journal and Ledger Quiz
9 multiple-choice questions with answers and explanations · 4 easy, 5 medium
Recording in the journal, posting to the ledger, balancing accounts, and the sales and purchases ledgers.
- 1Journal vs Ledger: What Is the Difference?Which statement correctly describes the difference between the journal and the ledger?easy
- 2What Is Posting in Accounting?In bookkeeping, "posting" is the process of:easy
- 3Journal Entry Format: What Is the Narration?The brief explanation written beneath a general journal entry, describing the transaction, is called the:easy
- 4Posting to the Ledger: Calculating the Accounts Receivable BalanceThe Accounts Receivable account has an opening debit balance of $3,000. During the month there were credit sales of $9,500, cash received from customers of $8,200 and sales returns of $300. What is the closing balance?medium
- 5Sales Ledger and Purchases Ledger: What Do They Contain?The sales ledger (accounts receivable subsidiary ledger) contains:medium
- 6Opening Journal Entry: Calculating Capital for a New BusinessA new business starts with cash of $8,000, equipment of $5,000 and a bank loan of $3,000. In the opening journal entry, Capital is credited with:medium
- 7The Folio Column: Its Purpose in the Journal and LedgerThe folio (posting reference) column in the journal and the ledger is used to:medium
- 8Balancing a Ledger Account: Which Side Is the Balance b/d?A ledger account has debit entries totalling $7,400 and credit entries totalling $5,900. After balancing, the balance brought down (b/d) appears as:medium
- 9Ledger Balancing — Balance c/dIn a ledger account, the entry "Balance c/d" represents:easy