11.Transactions must first be recorded into the general journal before they can be entered into specialized journals.
a.True
b.False
12.The format and number of specialized journals that a business uses depends upon the legal organization of thebusiness.
a.True
b.False
13.The basic procedure of posting from a revenue journal is to make all postings at the end of the month.
a.True
b.False
14.The principal ledger that contains all the balance sheet and income statement accounts is the general ledger.
a.True
b.False
15.The presence of a subsidiary ledger requires the presence of a summarizing control account in the general ledger.
a.True
b.False
16.An account for each supplier of merchandise will appear in the accounts payable subsidiary ledger.
a.True
b.False
17.The customers subsidiary ledger is controlled by the general ledger account entitled Accounts Payable.
a.True
b.False
18.When a sale for $1,350 takes place with a $250 deposit having been received in advance, only the $1,100 onaccount is recorded in the revenue journal.
a.True
b.False
19.Even when special journals are used, purchases of store equipment on account are recorded in the general journal.
a.True
b.False
20.A control account is used to record the details of the individual subsidiary accounts.
a.True
b.False
