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Objective 2-4 1) Journalizing the process of copying information from the

Question : Objective 2-4 1) Journalizing the process of copying information from the

Objective 2-4

1) Journalizing is the process of copying information from the ledger to the journal.

2) A journal produces a balance in each account.

3) If the debit part of a journal entry is not posted but the credit part is, assets will always be overstated.

4) When posting transactions debits must always equal credits.

5) The copying of amounts from the journal to the appropriate ledger accounts is referred to as:

A) verifying.

B) journalizing.

C) posting.

D) balancing.

6) A $75 payment for rent expense was posted as a debit to salary expense and a credit to cash. This error will cause:

A) the trial balance to be in balance.

B) the sum of the credits to exceed the sum of the debits by $75.

C) the sum of the debits to exceed the sum of the credits by $75.

D) the sum of the debits to exceed the sum of the credits by $150.

7) A $200 payment on a notes payable posted as a debit to notes payable and a debit to cash. This error will cause:

A) the trial balance to be in balance.

B) the sum of the credits to exceed the sum of the debits by $400.

C) the sum of the debits to exceed the sum of the credits by $400.

D) the sum of the debits to exceed the sum of the credits by $200.

8) A $50 collection on account was posted as a debit to cash and a debit to accounts receivable. This error will cause:

A) the trial balance to be in balance.

B) the sum of the credits to exceed the sum of the debits by $100.

C) the sum of the debits to exceed the sum of the credits by $50.

D) the sum of the debits to exceed the sum of the credits by $100.

9) A $100 collection on account was posted as a debit to cash and a credit to accounts payable. This error will cause:

A) the trial balance to be in balance.

B) the sum of the credits to exceed the sum of the debits by $100.

C) the sum of the debits to exceed the sum of the credits by $100.

D) accounts receivable account to be too low by $100.

10) A $250 payment on account was recorded as a debit to accounts receivable and a credit to accounts payable. This error will cause:

A) accounts receivable to be overstated.

B) accounts payable to be understated.

C) cash to be understated.

D) owner's equity to be overstated.

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