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Accounting Jeopardy Chapter 11

Accounting Jeopardy Chapter 11. Accounting Jeopardy. Credits. That’s all folks. Exit. Terms $100. An account in a general ledger that summarizes all accounts in the subsidiary ledger. Terms $100. What is a controlling account?. Terms $200.

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Accounting Jeopardy Chapter 11

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  1. Accounting JeopardyChapter 11

  2. Accounting Jeopardy

  3. Credits • That’s all folks. Exit

  4. Terms $100 • An account in a general ledger that summarizes all accounts in the subsidiary ledger.

  5. Terms $100 • What is a controlling account?

  6. Terms $200 • A listing of customer accounts, account balances, and total amount due all customers

  7. Terms $200 • What is a Schedule of Accounts Receivable?

  8. Terms $300 • Journal entries are sorted and summarized by transferring information to

  9. Terms $300 • What is a ledger account?

  10. Terms $400 • A check mark in parentheses below the general debit column of a journal indicates what?

  11. Terms $400 • That the total is not posted

  12. Terms $500 • An error in posting may cause this.

  13. Terms $500 • Net Income to be overstated or understated • Overpayment to a vendor • Overdraft on checking account

  14. Accts Rec $100 • When are the Sales Journal totals posted?

  15. Accts Rec $100 • What is at the end of each month?

  16. Accts Rec $200 • The Schedule of Accounts Receivable should equal this.

  17. Accts Rec $200 • The ending balance in the controlling acount.

  18. Accts Rec $300 • How you open a customer account.

  19. Accts Rec $300 • Write the Name and customer number on the heading of the ledger account

  20. Accts Rec $400 • This is why the account form for a customer only has a Debit Balance Column

  21. Accts Rec $400 • What is Because AR is an Asset account that has a normal credit balance

  22. Accts Rec $500 • The separate amounts in the AR debit column of a sales journal are

  23. Accts Rec $500 • What is posted individually to the AR ledger

  24. Accounts Payable $100 • What causes the previous balance to be added to the new amount posted in the AP ledger.

  25. Accounts Payable $100 • What is credit is posted to the AP Ledger from the Purchases Journal.

  26. Accounts Payable $200 • Accounts Payable

  27. Accounts Payable $200 • Single general ledger account that summarizes the total amount owed to all vendors?

  28. Accounts Payable $300 • A record of the total vendor account balances

  29. Accounts Payable $300 • What is Accounts Payable Subsidiary Ledger?

  30. Accounts Payable $400 • How often do you post totals from the cash payments journal.

  31. Accounts Payable $400 • What is at the end of each month?

  32. Accounts Payable $500 • The terms of purcase of 5/15, n/30 mean this.

  33. Accounts Payable $500 • What is a 5% discount within 15 days or the entire amount is due within 30 days

  34. General Ledger $100 • Summarizes all information affecting income statement and balance sheet accounts

  35. General Ledger $100 • What is General Ledger?

  36. General Ledger $200 How often do you post individual transactions to the general ledger?

  37. General Ledger $200 • Depends on number of transactions, could be daily, weekly, monthly.

  38. General Ledger $300 Amounts recorded in the general amount columns of a cash receipts journal are posted where?

  39. General Ledger $300 • What is General Ledger

  40. General Ledger $400 • How do you determine the number of ledgers your company should have?

  41. General Ledger $400 • What is number of customers and vendors you have.

  42. General Ledger $500 • The order journals should be posted.

  43. General Ledger $500 • What • Sales • Purchases • General • Cash Receipts • Cash Payments

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