Posting Journal Entries Chapter 7 Accounting Jeopardy

Posting Journal Entries Chapter 7 Accounting Jeopardy

By Paul K. & Chris R.Mr. Lyman’s Class © January 2003

Posting Journal Entries JeopardyPosting Journal Entries Jeopardy

General Ledger

The Posting Process

Preparing Trial Balance Finding Errors

100 100 100 100200 200 200 200300 300 300 300400 400 400 400500 500 500 500

CreditsCredits

Questions taken from Glencoe Accounting First-Year Course.

Typing Done by Paul Kirk.Questions and answers found by

Christopher T Riding.Exit

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Step 4 in the accounting cycle.

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What is posting to the general ledger?

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The Ledger Account Form.

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What is the accounting stationery or form used to record financial information?

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(1) Write the account name at the top of the ledger account form.

(2) Write the account number on the ledger account form.

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What are the two steps required to open an account with a zero balance?

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Assets = Liabilities + Owner’s Equity

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What is the basic accounting equation?

General Ledger $500General Ledger $500 (1) Write the account name at the top of the ledger account form. (2) Write the account number on the ledger account form. (3) Enter the complete date (year, month, and day) in the date

column. (4) Write the word “Balance” in the Description column. (5) Place a check mark ( ) in the Posting Reference column to show

the amount entered on this line is not being posted from a journal. (6) Enter the balance in the appropriate balance column of the

ledger account form. Usually asset, expense and owner’s withdrawals accounts have debit balances. Liability, owner’s capital, and revenue accounts have credit balances.

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What are the six steps to open an account with a balance?

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Fourth Step in the accounting cycle.

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What is the posting process?

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Account numbers that start with 1.

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What number starts the numbering of asset accounts?

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A line across the center of the column.

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What is the correct procedure to show a zero balance in a ledger account?

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Preparing a Trial Balance step.

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What is the fifth step in the accounting cycle?

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Posting Organizes business transaction details into the proper accounts.

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What is the importance of Posting?

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The Fifth Step in the Accounting Cycle.

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What is the Trial Balance?

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Adding all the debit balances, then adding all the credit balances, and finally comparing the two totals.

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What are the steps to proving the ledger?

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Trial Balance

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What is a formal way or way to prove that debits equal credits?

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Two Column accounting stationery or form.

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What is the paper that the trial balance is prepared on?

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Error in a journal entry that is not posted.

Error in posting to the ledger when the journal entry is correct.

Error in a journal entry that is posted.

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What are some common types of errors found in accounting?

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Correcting Entry.

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What is the step to fix an error that has been posted?

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“To err is human…”

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Why are mistakes found in accounting?

What is a philosophical statement found under the correcting entry heading?

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Transposition error.

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What is the type of error called when two digits within an amount are accidentally reversed?

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Slide Error.

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What is the error called when a decimal point is moved by mistake?

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Finding errors and making sure they are fixed.

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What is Good Accounting Etiquette?