First, add Accounts Payable—J. C. Hollings and Accounts Payable—Craft Bank from the
transactions prepared in Exam Figure 2 to the chart of accounts in Exam Figure 1. Next,
open all ledger accounts using the form in Exam Figure 3. Then, post the journal entries
from Exam Figure 2 to the ledger accounts and balance each ledger account. Be sure to
post the balance of each account (from page 13 of the exam) before you post the transactions
you just journalized.

12. After posting the journal entries to the ledger, what is the balance of the Cash account?
A. Debit $4,056.82
B. Credit $3,013.90
C. Credit $1,042.92
D. Debit $3,013.90

13. After posting the journal entries to the ledger, what is the balance of the Equipment—Store account?
A. Debit $4,500
B. Credit $1,500
C. Debit $8,000
D. Credit $4,500

14. On May 3, what is the balance of the Equipment—Office account?
A. Debit $5,090
B. Debit $690
C. Debit $4,400
D. Credit $5,090

15. What is the balance of the Accounts Payable—Bellhaven Bank account?
A. Debit $1,000
B. Debit $4,000
C. Credit $5,000
D. Credit $4,000

16. After posting the journal entries to the ledger, what is the balance of the Supplies account?
A. Debit $500
B. Debit $542.92
C. 0
D. Credit $542.92

17. After posting the journal entries to the ledger, what is the balance of the Accounts
Payable—Craft Bank account?
A. 0
B. Credit $3,500
C. Debit $3,500
D. Credit 0

18. After posting the journal entries to the ledger, the opening balance of the P. Woodsley—Capital account was
A. increased.
B. decreased.
C. unchanged.
D. deleted.


19. What entry do you make in the Post Ref. column of the ledger to show that you posted the transactions from the journal?
A. 1
B. J1
C. Leave it blank
D. 11

20. Asset accounts are increased by
A. entries to the debit side of the account.
B. crediting a liability account.
C. entries to the right side of the account.
D. adding a credit entry to the account’s normal balance.