Exercises 2:

Indicate whether each of the following is a true (T) or false (F) statement regarding the use of special journals.

1. The revenue journal is used to record all transactions involving a credit to the Fees Earned account. _______

2. The Invoice No. column does not serve any useful purpose in the revenue journal. _______

3. Posting from the cash receipts journal and the revenue journal to the subsidiary ledger accounts is done at the end of the month. _______

4. Footing is the act of adding up a row of numbers to ensure that debits equal credits. _______

5. The notation (110/510) beneath a column of numbers in a journal indicates the date and time when a posting was made. _______