Question 1

All That Jazz Music Store had the following transactions during the month of August 2016.Record the transactions on page 15 of a sales journal and page 18 of a general journal.Total,prove,and rule the sales journal as of August 31.

Accepted Answer

The answer of All That Jazz Music Store had the...

Question 2

After all postings have been made,the total of the schedule of accounts receivable should equal

Accepted Answer

A)   the balance of the Sales account.
B)   the total of the Accounts Receivable Debit column in the sales journal.
C)   the balance of the Accounts Receivable account in the general ledger.
D)   the total of all sales on account for the accounting period.

Question 3

Which of the following describes Sales Tax Payable?

Accepted Answer

A)   A revenue account with a normal credit balance.
B)   A liability account with a normal debit balance.
C)   A liability account with a normal credit balance.
D)   An asset account with a normal debit balance.

Question 4

Which of the following statements is correct?

Accepted Answer

A)   The sales journal is used for recording both cash sales and credit sales.
B)   Since the sales journal is used for a single purpose,there is no need to enter any descriptions.
C)   To provide an adequate audit trail,sales on credit should be recorded in both the sales journal and the general journal.
D)   The complete information for each sale of merchandise on credit can be recorded on one line of the general journal.

Question 5

The Sales Returns and Allowances account is classified as

Accepted Answer

A)   an asset account.
B)   a contra asset account.
C)   an expense account.
D)   a contra revenue account.

Question 6

The sales journal for Simon Company is shown below.Describe how the amounts would be posted to the accounts receivable subsidiary ledger accounts.

Accepted Answer

Dr.Jane Doe $3,424;D...

Question 7

Kay Sadia sold merchandise for $8,750 subject to a 6% sales tax.The entry in the sales journal will include a debit to Accounts Receivable for

Accepted Answer

A)   $9,275.00.
B)   $8,225.00.
C)   $8,750.00.
D)   $8,462.00.

Question 8

To find the balance due from an individual customer,the accountant would refer to

Accepted Answer

A)   the sales journal.
B)   the Sales account in the general ledger.
C)   the accounts receivable subsidiary ledger.
D)   the Accounts Receivable account in the general ledger.

Question 9

The balance of the Sales Returns and Allowances account is subtracted from the balance of the Accounts Receivable account in the Assets section of the balance sheet.

Accepted Answer

A) True 
 B)False

Question 10

ABC Company uses special journals.When making a credit sale of $700 to a customer,the company would record the sale by:

Accepted Answer

A)   entering $700 in the Accounts Receivable Debit column and $700 in the Sales Credit column of the sales journal.
B)   entering $700 in the Accounts Receivable Credit column and $700 in the Sales Debit column of the sales journal.
C)   entering $700 in the Accounts Payable Credit column and $700 in the Sales Credit column of the sales journal.
D)   entering $700 in the Sales Returns and Allowances Debit column and $700 in the Sales Credit column of the general journal.

Question 11

The amount of the trade discount taken by the customer is recorded as a(n)

Accepted Answer

A)   asset.
B)   liability.
C)   expense.
D)   sales recorded net of trade discounts.

Question 12

One of the customer accounts from the accounts receivable ledger for Toulouse Company is shown below.Explain each of the entries that have been posted to this customer's subsidiary ledger account.

Accepted Answer

June 3 - Sold merchandise in the amount ...

Question 13

After all postings have been made,the totals of the balances in the accounts receivable subsidiary ledger should equal the balance of the Accounts Receivable account in the general ledger.

Accepted Answer

A) True 
 B)False

Question 14

A retailer recorded the following in June: cash sales $2,000;credit sales,$9,000;sales returns and allowances,$1,000.Assuming the sales tax rate is 7 percent,the entry to record the sales tax payment includes a debit to Sales Tax Payable for

Accepted Answer

A)   $560.
B)   $630.
C)   $700.
D)   $770.

Question 15

In a firm that uses special journals,a sale of merchandise on credit is recorded in the

Accepted Answer

A)   cash payments journal.
B)   cash receipts journal.
C)   sales journal.
D)   purchases journal.

Question 16

The Sales account is classified as

Accepted Answer

A)   a liability account.
B)   an asset account.
C)   a contra account.
D)   a revenue account.

Exam 7: Accounting for Sales and Accounts Receivable

A retailer recorded the following in June: cash sales $2,000;credit sales,$9,000;sales returns and allowances,$1,000.Assuming the sales tax rate is 7 percent,the entry to record the sales tax payment includes a debit to Sales Tax Payable for

Correct Answer
verified

To find the balance due from an individual customer,the accountant would refer to

Correct Answer
verified

ABC Company uses special journals.When making a credit sale of $700 to a customer,the company would record the sale by:

Correct Answer
verified

The Sales account is classified as

Correct Answer
verified

The sales journal for Simon Company is shown below.Describe how the amounts would be posted to the accounts receivable subsidiary ledger accounts.

Correct Answer
verified
Dr.Jane Doe $3,424;D...
View Answer

Which of the following statements is correct?

Correct Answer
verified

One of the customer accounts from the accounts receivable ledger for Toulouse Company is shown below.Explain each of the entries that have been posted to this customer's subsidiary ledger account.

Correct Answer
verified
June 3 - Sold merchandise in the amount ...
View Answer

In a firm that uses special journals,a sale of merchandise on credit is recorded in the

Correct Answer
verified

After all postings have been made,the totals of the balances in the accounts receivable subsidiary ledger should equal the balance of the Accounts Receivable account in the general ledger.

Correct Answer
verified

Which of the following describes Sales Tax Payable?

Correct Answer
verified

All That Jazz Music Store had the following transactions during the month of August 2016.Record the transactions on page 15 of a sales journal and page 18 of a general journal.Total,prove,and rule the sales journal as of August 31.

Correct Answer
verified

The amount of the trade discount taken by the customer is recorded as a(n)

Correct Answer
verified

After all postings have been made,the total of the schedule of accounts receivable should equal

Correct Answer
verified

The balance of the Sales Returns and Allowances account is subtracted from the balance of the Accounts Receivable account in the Assets section of the balance sheet.

Correct Answer
verified

Kay Sadia sold merchandise for $8,750 subject to a 6% sales tax.The entry in the sales journal will include a debit to Accounts Receivable for

Correct Answer
verified

The Sales Returns and Allowances account is classified as

Correct Answer
verified

Exam 7: Accounting for Sales and Accounts Receivable

A retailer recorded the following in June: cash sales $2,000;credit sales,$9,000;sales returns and allowances,$1,000.Assuming the sales tax rate is 7 percent,the entry to record the sales tax payment includes a debit to Sales Tax Payable for

Correct AnswerverifiedShow Answer

To find the balance due from an individual customer,the accountant would refer to

Correct AnswerverifiedShow Answer

ABC Company uses special journals.When making a credit sale of $700 to a customer,the company would record the sale by:

Correct AnswerverifiedShow Answer

The Sales account is classified as

Correct AnswerverifiedShow Answer

The sales journal for Simon Company is shown below.Describe how the amounts would be posted to the accounts receivable subsidiary ledger accounts.

Correct AnswerverifiedDr.Jane Doe $3,424;D...View AnswerShow Answer

Which of the following statements is correct?

Correct AnswerverifiedShow Answer

One of the customer accounts from the accounts receivable ledger for Toulouse Company is shown below.Explain each of the entries that have been posted to this customer's subsidiary ledger account.

Correct AnswerverifiedJune 3 - Sold merchandise in the amount ...View AnswerShow Answer

In a firm that uses special journals,a sale of merchandise on credit is recorded in the

Correct AnswerverifiedShow Answer

After all postings have been made,the totals of the balances in the accounts receivable subsidiary ledger should equal the balance of the Accounts Receivable account in the general ledger.

Correct AnswerverifiedShow Answer

Which of the following describes Sales Tax Payable?

Correct AnswerverifiedShow Answer

All That Jazz Music Store had the following transactions during the month of August 2016.Record the transactions on page 15 of a sales journal and page 18 of a general journal.Total,prove,and rule the sales journal as of August 31.

Correct AnswerverifiedShow Answer

The amount of the trade discount taken by the customer is recorded as a(n)

Correct AnswerverifiedShow Answer

After all postings have been made,the total of the schedule of accounts receivable should equal

Correct AnswerverifiedShow Answer

The balance of the Sales Returns and Allowances account is subtracted from the balance of the Accounts Receivable account in the Assets section of the balance sheet.

Correct AnswerverifiedShow Answer

Kay Sadia sold merchandise for $8,750 subject to a 6% sales tax.The entry in the sales journal will include a debit to Accounts Receivable for

Correct AnswerverifiedShow Answer

The Sales Returns and Allowances account is classified as

Correct AnswerverifiedShow Answer

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Dr.Jane Doe $3,424;D...
View Answer

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June 3 - Sold merchandise in the amount ...
View Answer

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