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College Accounting Chapter 3 Learning Objective

Quiz by Tracy Weber

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8 questions
Show answers
  • Q1
    A cash payment of $130 on account was recorded as a $310 debit to Accounts Payable and a $310 credit to Cash. The necessary correcting entry is
    debit Cash, $180; credit Accounts Payable, $180.
    debit Accounts Payable, $180; credit Cash, $180.
    debit Cash, $180; credit Accounts Receivable, $180.
    debit Accounts Receivable, $180; credit Cash, $180.
    30s
  • Q2
    Process Solutions Company received $193 from a charge customer which was recorded and posted as $391. The journal entry to correct the error is:
    a debit to Accounts Receivable for $198 and a credit to Cash for $198.
    a debit to Cash for $193 and a credit to Accounts Payable for $193.
    a credit to Cash for $198 and a debit to Income from Services for $198.
    a debit to Cash for $391 and a credit to Accounts Receivable for $391.
    30s
  • Q3
    There are two methods for correcting errors, the
    ruling method and the correcting entry method.
    manual method and the correcting entry method.
    ruling method and the manual method.
    the ruling method and the deletion method.
    30s
  • Q4
    Which of the following is correct?
    The manual ruling method can be used to correct an error in the ledger after an entry has been posted.
    The manual ruling method can only be used to correct an error in the journal before posting.
    All of the answers listed are correct.
    The correcting entry method can only be completed in two steps.
    30s
  • Q5
    Which of the following is correct concerning correcting errors on the computer?
    It is ok to delete an error entry on the computer.
    If using a computer program, there will never be any errors to correct because the computer never allows errors to be recorded.
    All of the answers listed are correct.
    A correcting entry should be made with a brief explanation when correcting an error on the computer.
    30s
  • Q6
    A $500 payment for Wages Expense was incorrectly journalized and posted as a debit to Rent Expense for $500 and a credit to Cash for $500. The correcting entry, using the one-step method, would include a
    credit to Cash for $500.
    credit to Rent Expense for $500.
    debit to Cash for $500.
    credit to Supplies Expense for $500.
    30s
  • Q7
    A $800 payment for Rent Expense was incorrectly journalized and posted as a debit to Wages Expense for $800 and a credit to Cash for $800. The correcting entry, using the one-step method, would include a
    credit to Rent Expense for $800.
    credit to Cash for $800.
    debit to Cash for $800.
    credit to Wages Expense for $800.
    30s
  • Q8
    A $1,500 payment for Rent Expense was incorrectly journalized and posted as a debit to Rent Expense for $5,100 and a credit to Cash for $5,100. The correcting entry, using the one-step method, would include a
    credit to Cash for $1,500.
    credit to Rent Expense for $3,600.
    credit to Rent Expense for $5,100.
    debit to Cash for $1,500.
    30s

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