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Accounting Chapter 11 – Test Review. A general ledger sorts and summarizes all information affecting income statement and balance sheet accounts. The amount of money a business has to spend on accounting determines the number of ledgers used in an accounting system.

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Presentation Transcript
slide2
A general ledger sorts and summarizes all information affecting income statement and balance sheet accounts
slide3
The amount of money a business has to spend on accounting determines the number of ledgers used in an accounting system.
slide4
A vendor account is opened by writing the vendor name and the vendor number on the heading of the ledger account.
slide5
The account form for a vendor has a Debit Balance column because accounts payable is a liability and liabilities have normal debit balances
slide6
Accounts Payable is a single general ledger account that summarizes the total amount owed to all vendors.
slide8
At the end of the week, the cash payments journal’s Accounts Payable Credit column total is posted to the controlling account.
slide9
An account in a general ledger that summarizes all accounts in a subsidiary ledger is a controlling account.
slide10

Amounts recorded in general amount columns of a cash receipts journal are posted individually to the general ledger account names in the Account Title column.

slide12
When the balance of a vendor account in an accounts payable ledger is changed, the balance of the controlling account is unaffected.
slide13
When using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account.
slide15

The balance of the controlling account Accounts Payable equals the total of all vendor account balances in the accounts payable subsidiary ledger.

slide16
Each entry in the Accounts Payable columns of a cash payments journal affects the vendor named in the Account Title column.
an error in posting may cause
An error in posting may cause

All of these

Cash on hand to be less than the balance in the cash account.

A business to pay too much to a vendor

Income to be overstated or understated on the income statementl

an account in a general ledger that summarizes all accounts in a subsidiary ledger is
An account in a general ledger that summarizes all accounts in a subsidiary ledger is:

A controlling account

when a credit is posted to the accounts payable ledger
When a credit is posted to the accounts payable ledger

The previous balance is added to the new amount posted in the Credit column

the accounts receivable debit column total of the sales journal is
The Accounts Receivable Debit column total of the sales journal is

Posted to the general ledger controlling account at the end of each month

the total of the schedule of accounts receivable should equal
The total of the schedule of accounts receivable should equal

The accounts receivable account balance in the general ledger

a check mark in parentheses below the general debit column of a journal indicates that the total
A check mark in parentheses below the General Debit column of a journal indicates that the total

Is not posted

a listing of vendor accounts account balances and total amount due all vendors is a
A listing of vendor accounts, account balances, and total amount due all vendors is a

Schedule of accounts payable

when a debit is posted to the accounts payable ledger
When a debit is posted to the accounts payable ledger

The debit amount is written in the Debit column of the account.