Chapter 7

Posting to the Ledger

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QUIZ 1: MULTIPLE CHOICE

1. This refers to process of transferring the amounts of debits and credits in a recorded journal
entry to the ledger accounts.
a. Analyzing
b. Journalizing
c. Posting
d. Trial balancing

2. The primary purpose of posting is to

a. record transactions.
b. classify transactions.
c. summarize transactions in a report form.
d. all of these

3. The balance of an accounts receivable from a certain customer at any given point of time can be
determined by referring to the
a. general journal.
b. general ledger.
c. subsidiary ledger.
d. financial statements.

4. The primary purpose of preparing a trial balance is to

a. record transactions as they occur.
b. classify the effects of the transactions on the accounts.
c. check the equality of total debits and total credits in the ledger.
d. report the processed information to interested users.

5. After posting, the next step in the accounting cycle is

a. preparation of closing entries.
b. preparation of an adjusted trial balance.
c. journalizing.
d. preparation of an unadjusted trial balance.

“So do not fear, for I am with you; do not be dismayed, for I am your God. I will strengthen you and help you;
I will uphold you with my righteous right hand.”
(Isaiah 41:10)

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QUIZ 2: JOURNALIZING AND POSTING

The following were the transactions of Entity A during the period:

Date Transactions
Jan. 8 Services worth ₱150,000 were rendered for cash.
Jan. 9 Services worth ₱200,000 were rendered on account.
Jan. Cash amounting to ₱25,000 was disbursed for advertising expense.
10
Jan. Accounts receivable of ₱180,000 was collected.
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Jan. The owner made a temporary withdrawal of ₱10,000 cash from the business.
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Requirements:
a. Provide the journal entries.
b. Post the journal entries to the ledger then determine the ending balances of the accounts. Use T-
accounts for this purpose. Arrange your T-accounts in this order: Assets, Liabilities, Equity,
Income and Expenses.

“There is no end to education. It is not that you read a book, pass an examination, and finish with
education. The whole of life, from the moment you are born to the moment you die, is a process
of learning.”- Jiddu Krishnamurti

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 NAME: Date:
Professor: Section: Score:

QUIZ 3: JOURNALIZING, POSTING AND UNADJUSTED TRIAL BALANCE

Entity A started operations on January 1, 20x1. The following were the transactions during the first
week of operations:

Jan. Transactions
1 The owner provided ₱600,000 cash as initial investment to the business.
2 The business acquired a building for ₱400,000 cash.
3 The business acquired office equipment for ₱100,000 cash.
4 The businesspurchased supplies for ₱20,000 cash.The business uses a prepaid asset
account.
5 The businessrendered services worth ₱150,000 on cash basis.
6 The businessrendered services worth ₱100,000 on account.
7 The businesspaid ₱25,000 salaries expense.

Requirements:
a. Provide the journal entries.
b. Post the journal entries to the ledger. Use T-accounts for this purpose. Arrange your T-accounts
in this order: Assets, Liabilities, Equity, Income and Expenses.
c. Prepare the unadjusted trial balance.

“You have to stay in school. You have to. You have to go to college. You have to get your degree.
Because that's the one thing people can't take away from you is your education. And it is worth the
investment.”- Michelle Obama

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 NAME: Date:
Professor: Section: Score:

QUIZ 4: UNADJUSTED TRIAL BALANCE

The ledger accounts of Entity A have the following balances on December 31, 20x1:

Balance
Accounts
s
Accounts payable 600,000
Accounts receivable 200,000
1,200,00
Accumulated depreciation – Building
0
Accumulated depreciation –
400,000
Equipment
Advertising expense 70,000
Allowance for bad debts 40,000
Bad debt expense 20,000
4,000,00
Building
0
Cash 560,000
Depreciation expense 200,000
3,600,00
Equipment
0
2,000,00
Land
0
Miscellaneous expense 4,000
4,000,00
Owner’s capital
0
Owner’s drawings 80,000
Prepaid supplies 40,000
1,260,00
Salaries expense
0
Salaries payable 120,000
6,000,00
Service fees
0
Supplies expense 60,000

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 Taxes and licenses 120,000
Transportation and travel expense 140,000
Utilities expense 46,000
Utilities payable 40,000

Requirement: Prepare the unadjusted trial balance. Be sure to provide a proper heading for the report
and arrange the accounts in the correct sequence.

“In some parts of the world, students are going to school every day. It's their
normal life. But in other part of the world, we are starving for education... it's like a
precious gift. It's like a diamond.” – Malala Yousafzai

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