Financial Accounting Quiz: Posting To Ledger

Riverside Company recorded the following journal entries during March:

March 5: Accounts Receivable $12,000; Sales Revenue $12,000 March 8: Cash $8,500; Accounts Receivable $8,500 March 15: Accounts Receivable $6,200; Sales Revenue $6,200 March 22: Cash $4,100; Sales Discount $100; Accounts Receivable $4,200 March 28: Bad Debt Expense $800; Allowance for Doubtful Accounts $800

If the Accounts Receivable account had a beginning balance of $15,300, what is the ending balance in the Accounts Receivable ledger account after posting all March transactions?

On December 31, a company made an adjusting entry to accrue $700 of salaries earned by employees but not yet paid. On January 1 of the following year, a reversing entry was made. On January 5, the company paid the full payroll of $5,000, which included the $700 accrued from the previous year. After the entry for the January 5th payroll is posted, what is the balance in the Salaries and Wages Expense account for the new year?

A journal entry to record the payment of rent for $1,200 was correctly journalized as a debit to Rent Expense and a credit to Cash. However, when posting to the ledger, the debit to Rent Expense was erroneously posted as a $2,100 debit. The credit to Cash was posted correctly. As a result of this error, the trial balance totals will show that:

The sales journal for a company shows total credit sales of $95,000 for the month. The Accounts Receivable control account in the general ledger had a beginning debit balance of $18,000. Cash collections from customers on account during the month totaled $72,000. All journal entries were posted correctly. What is the ending balance of the Accounts Receivable control account?

A company has a beginning balance in its Allowance for Doubtful Accounts of $5,000 (credit). During the period, the company wrote off a specific customer's account receivable of $2,000 as uncollectible. At the end of the period, the company estimated bad debt expense to be $8,000 and made the appropriate adjusting entry. After all entries are posted, what is the ending balance in the Allowance for Doubtful Accounts?

The Accounts Payable ledger account had a normal balance of $22,000 on November 1. During the month, the only transaction affecting the account was a payment of $8,000 to a supplier. However, the ending balance on November 30 was found to be $31,000. What is the value of inventory purchases on account that occurred in November but were not described?

On March 1, the Supplies account had a debit balance of $1,200. During March, the company purchased supplies for $800 on account and later used $1,500 of supplies. The journal entry for the purchase was posted, but the adjusting entry for the supplies used was accidentally posted with a debit to Supplies Expense for $1,500 and a credit to the Supplies account for $500. What is the balance of the Supplies account on March 31?

A company's Equipment account had a beginning balance of $150,000. The Accumulated Depreciation-Equipment account had a beginning credit balance of $45,000. On July 1, the company purchased new equipment for $30,000 cash. On December 31, the company recorded depreciation expense of $18,000 for the year. After all journal entries are posted, what is the book value of the equipment?

A company made a sale of $1,000 on account to Customer X. The transaction was correctly journalized. When posting, the debit to Accounts Receivable was correctly posted to the general ledger control account, but the debit was incorrectly posted to Customer Y's account in the subsidiary ledger. Which of the following statements is true?

The Cash ledger account for a company had a debit balance of $15,200 at the beginning of the month. During the month, total cash credits posted to the ledger amounted to $34,500. If the ending balance of the Cash account was $8,100, what were the total cash debits posted to the account during the month?

An accountant recorded a cash collection of $6,780 from a customer on account. The journal entry was correct. However, while posting, the credit to Accounts Receivable was posted as $7,680 due to a transposition error. The debit to Cash was posted correctly. If the Accounts Receivable account had a balance of $50,000 before this posting, what is its balance after the erroneous posting?

A company purchased inventory for $5,000 with terms 2/10, n/30. The company uses a perpetual inventory system and records purchase discounts using the gross method. The company paid the supplier in full on the 8th day. The payment transaction was correctly journalized and posted. What was the net effect of posting the payment journal entry on the ledger accounts?

A company's trial balance shows total debits of $125,000 and total credits of $123,500. A review of the ledger reveals that a credit sale of $750 was correctly journalized but was posted as a debit to Accounts Receivable for $750 and a debit to Sales Revenue for $750. How will the trial balance totals appear after correcting this single posting error?

A company using a perpetual inventory system had a beginning balance in its Inventory account of $50,000. It then engaged in the following transactions: (1) Purchased inventory on account for $20,000. (2) Returned $3,000 of defective inventory to the supplier. (3) Sold inventory that cost $25,000 for $40,000 on account. After these transactions are posted, what is the balance in the Inventory T-account?

A firm's Unearned Revenue account had a beginning credit balance of $12,000. During the period, the firm collected an additional $15,000 from customers for work to be performed later. By the end of the period, the ledger showed that a total of $19,000 of revenue had been earned from both past and current prepayments. If the accountant posted all entries correctly, what is the ending balance in the Unearned Revenue account?

On January 1, a company's Retained Earnings account had a credit balance of $250,000. For the year, the company reported net income of $75,000 and declared and paid cash dividends of $20,000. The bookkeeper correctly posted the closing entry for revenues and expenses but forgot to post the closing entry for dividends. What is the balance in the Retained Earnings account on December 31 before the error is corrected?

A company purchased equipment by paying $10,000 in cash and signing a $40,000 note payable. The journal entry was recorded and posted. Immediately after this posting, which of the following reflects the balances in the affected ledger accounts, assuming all had zero beginning balances?

A company had a beginning balance of $0 in its Interest Payable account. On November 1, the company signed a 6-month, 8% note payable for $30,000. The company's year-end is December 31. The accountant made and posted the correct year-end adjusting entry for accrued interest. What is the balance in the Interest Payable account on December 31?

On October 1, a firm received $9,000 cash from a client for services to be performed evenly over the next three months. The firm initially recorded this by debiting Cash and crediting Unearned Service Revenue. No adjusting entries were made until December 31. After the correct adjusting entry is posted on December 31, what will be the final balances in the Unearned Service Revenue and Service Revenue accounts?

A company paid $1,800 for a three-month insurance policy on February 1. The bookkeeper debited Insurance Expense and credited Cash for $1,800. On February 28, the controller discovered the error and prepared a correcting entry. After the correcting entry is posted, what is the balance in the Prepaid Insurance account?