14. Posting A) B) C) D) normally occurs before journalizing. enters transaction data in the journal. accumulates the effects of journalized transactions in the individual accounts. transfers ledger transaction data to the journal. 15. A trial balance A) is a list of accounts with their balances at a given point in time. B) will tell you if a transaction is not posted at all. C) proves the factual accuracy of journalized transactions. D) will not balance if a correct journal entry is posted twice. 16. Which of the following errors, each considered individually, would cause the trial balance to be out of balance? A) Cash of $530 received from a customer on account was posted as a debit of $350 to Cash and as a credit of S350 to Accounts Payable. A transaction was not posted. A payment of $59 for supplies was posted as a debit of $95 to Supplies and a credit of $95 to Cash. A payment of $148 to a creditor was posted as a debit to Account Payable and a debit of $148 to Cash. B) C) D) 17. Equipment costing $20,000 is purchased by paying $5,000 cash and signing a note payable for the remainder. The journmal entry should include a A) B) C) D) credit to Notes Receivable. credit to Equipment. debit to Notes Payable. credit to Cash. 18. A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized? A) December 5 B) December 10 C) November 30 D) December I Accepting cash from an established customer for services to be performed over the next three months. 19. Which is not an application of revenue recognition? B) Recording revenue as an adjusting entry on the last day of the accounting period. C) Receiving cash for services performed. D) Billing customers on June 30 for services completed during June. A) ncactions during 2016