36) The Accounts Receivable account of Nuptials Inc. is shown below.
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Calculate the ending balance of the account.
A) $33,500, debit
B) $31,000, debit
C) $3,500, credit
D) $27,500, debit
Learning Objective 2-3
1) Source documents provide the evidence and data for accounting transactions.
2) Debits in the journal are always posted as debits in the ledger.
3) The process of transferring data from the ledger to the journal is called posting.
4) A journal entry under the double-entry system includes both debit and credit amounts.
5) Accountants first record transactions in a ________.
A) chart of accounts
B) trial balance
C) journal
D) ledger
6) Journalizing a transaction involves ________.
A) calculating the balance in an account using journal entries
B) posting the account balances in the chart of accounts
C) preparing a summary of account balances
D) recording the data only in the journal
7) Posting a transaction means ________.
A) calculating the balance in an account
B) transferring data from the journal to the ledger
C) preparing a summary of account balances
D) finding the account number in the chart of accounts
