General Ledger Recap

Which of the following accounts can NEVER have a credit balance?

• Bank

• Current Income

• Capital

• Wages

Which of the following will NEVER have a debit balance?

• Bank

• Current Income

• Equipment

• Wages

Which of the following could either have a debit balance OR a credit balance?

• Bank

• Current Income

• Equipment

• Capital

When balancing the bank account, what is the "missing figure" called?

• Balance b/d

• Balance c/d

When balancing the bank account, what is the final balance called?

• Balance b/d

• Balance c/d

When posting the CRJ to the GL, the bank total is posting on the _____________ side of the bank account and all the contra accounts are posting on the _______________ side of their accounts.

• Debit, Credit

• Debit, Debit

• Credit, Debit

• Credit, Credit

When posting the CPJ to the GL, the bank total is posting on the _____________ side of the bank account and all the contra accounts are posting on the _______________ side of their accounts.

• Debit, Credit

• Debit, Debit

• Credit, Debit

• Credit, Credit