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CLICK HERE TO ACCESS FULL VERSION Chapter 2 - Analyzing Transactions 156. The Posting Reference columns are used to trace transactions from the ledger to the journal. What will be entered in the Posting Reference column of (1) the journal and (2) the ledger? a. (1) the amount of the debit or credit and (2) the journal page number b. (1) the journal page number and (2) the date of the transaction c. (1) the journal page number and (2) the account number d. (1) the account number and (2) the journal page number ANSWER: d DIFFICULTY: Challenging Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.02-03 - 02-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The chart of accounts for Corning Company includes the following: Account Name

Account Number 11 13 15 21 24 31 32 41 54 56

Cash Accounts Receivable Prepaid Insurance Accounts Payable Unearned Revenue Corning, Capital Corning, Drawing Fees Earned Salaries Expense Rent Expense Page 3 of the journal contains the following entry: Prepaid Insurance Cash

1,530 1,530

157. What is the posting reference that will be found in the cash account? a. 11 b. 15 c. 3 d. 13 ANSWER: c DIFFICULTY: Moderate Bloom's: Applying LEARNING OBJECTIVES: ACCT.WARD.18.02-03 - 02-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

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Test Bank for Financial Accounting 15th Edition Warren  

Financial Accounting 15th Edition Warren Test Bank 2018 (9781337272124) (1337272124). Instant test bank download. Download from https://acco...

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