True/False
Indicate whether the statement is true or
false.
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1.
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A subsidiary ledger containing only accounts for vendors from whom merchandise
or other items are purchased on account is called an accounts receivable ledger.
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2.
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Although the balance of a vendor account in an accounts payable ledger is
changed, the balance of the controlling account, Accounts Payable, remains unchanged.
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3.
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The total of all vendor account balances in the accounts payable ledger equals
the balance of the controlling account, Accounts payable.
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4.
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Each entry in the Purchases Discount Credit column of a cash payments journal
affects a vendor account.
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5.
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A controlling account balance in a general ledger must equal the sum of all
account balances in a subsidiary ledger.
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6.
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A schedule of accounts payable is prepared before all entries in a journal are
posted
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7.
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The form used in the accounts receivable ledger has a Credit Balance Column
instead of a Debit Balance Column.
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8.
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The number of entries that may be recorded on each general ledger account form
depends on the number of lines provided.
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9.
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Amounts in cash payments journal entries are recorded in either general amount
columns or special amount columns.
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10.
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Only the monthly total of each special amount column is posted to a general
ledger account.
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11.
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The totals of the General amount column of a cash payments journal are not
posted.
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Matching
Use the word list provided
below. Not all words will be used; some may be used multiple times. Copy and paste from the list.
Misspellings will be counted as incorrect.
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A. | Purchases and Accounts Payable | G. | Account Title
column | B. | schedule of accounts receivable | H. | special journal | C. | controlling
account | I. | schedule of
accounts payable | D. | Accounts Receivable Ledger | J. | subsidiary ledger | E. | purchases | K. | liability | F. | the accounts
receivable controlling account | L. | account balances |
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1.
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A ledger that is summarized in a single general ledger account is called a(n)
_____
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2.
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An account in a general ledger that summarizes all accounts in a subsidiary
ledger is called a(n) _____
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3.
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Each entry in the ______ journal affects the account of the vendor name in
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4.
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A listing of vendor accounts, account balances, and total amount due all
vendors is called a(n) _____
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5.
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To prove the accounts receivable ledger, you compare the sum of the individual
accounts to the balance for _____
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6.
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Which of the following is not included in the schedule of accounts
receivable?
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7.
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The total amount of the purchases journal is posted to two general ledger
accounts. These are _____
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8.
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Each amount in the General columns of a cash payments journal is posted
individually to the general ledger account written in the _____
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9.
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The controlling account balance in Accounts Receivable in the general ledger
must equal the sum of all account balances in the ____
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