The process of transferring general journal entry information to the ledger is called:


Question 35 (2 points) The process of transferring general journal entry information to the ledger is called: 1) Double-entry
Question 36 (2 points) A trial balance: 1) Must net to zero. 2) is a list of ledger accounts and their balances at a point in
Question 38 (2 points) Which financial statement reports an organizations financial position at a single point in time? 1) S
Question 39 (2 points) Financial statements are prepared in the following order: 1) Balance sheet, statement of owners equit
Question 40 (2 points) The income statement reports all of the following except: 1) Net income or loss earned by a business.
Question 42 (2 points) Adjusting entries: 1) Affect only income statement accounts. 2) Affect only balance sheet accounts. 3)
Question 43 (2 points) Assume a company records prepaid expenses in balance sheet accounts when they are paid. The adjusting
Question 44 (2 points) On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on
Question 45 (2 points) On December 31, Carmack Company received a $215 utility bill for December that it will not pay until J

Answer

35.
Answer is 2) Posting
It is recording journal entries in ledger 36.
Answer is 4) All of the above
Trial balance is list of ledger accounts with their ending balances, trial balance totals are equal i.e. debits equal to credits. 38.
Answer is 3) Balance Sheet
Balance Sheet is prepared as at a particular date. 39.
Answer is 4) Income Statement, Statement of Owner’s Equity, Balance Sheet
Net Income is transferred to owners equity and balance of owner’s equity is recorded in balance sheet. 40.
Answer is 4) Assets owned by a business
Assets owned by business are reported in balance sheet. 42.
Answer is 3) Affects both balance sheet and income statement accounts.
Every adjusting entry has a dual effect, one on balance sheet and one on income statement 43.
Answer is 3) Increase an expense, decrease an asset 44.
Insurance expense = $2400 x 6/12 = $1200
Answer is 1) $1,200 45.
Answer is 1)

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