2. The following comments all relate to the recording process. Which of these statements is correct?
a. The general ledger is a chronological record of transactions.b. The general ledger is posted from transactions recorded in the general journal.c. The trial balance provides the primary source document for recording transactions into the generaljournal.d. Transposition is the transfer of information from the general journal to the general ledger.Answerb. the general ledger is posted from transactions recorded in the general journal. The generaljournal is a chronological record of transactions. Invoices, checks, receipts, shipping reports, andnumerous other items provide the source documents for recording transactions into the generaljournal; the trial balance is a listing of accounts balances. Transposition is the accidental reversing oftwo digits in a number.
3. The following comments each relate to the recording of journal entries. Which statement is true?
4. Failure to record the receipt of a utility bill for services already received will result in:
5. The proper journal entry to record Ransom Company's billing of clients for $500 of services renderedis:
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- Spring '12
- shelley
- Accounting, Balance Sheet, Trial Balance, Generally Accepted Accounting Principles, Financial Accounting Standards Board
