Question 1

A common approach to keeping a record of each customer's accounts receivable is to use a subsidiary accounts receivable ledger.

Accepted Answer

A) True 
 B)False

Question 2

The cash receipts journal is posted to the general ledger in two stages. First, the individual amounts in the General Credit column are posted and then the total of the other amounts columns are posted.

Accepted Answer

A) True 
 B)False

Question 3

Match the terms with the definitions.
-A journal designed for recording only certain kinds of transactions.

Accepted Answer

A)  cash payments journal
B)  cash receipts journal
C)  sales journal
D)  special journal
E)  purchases journal

Question 4

Match the terms with the definitions.
-A special journal used to record only transactions involving the receipt of cash.

Accepted Answer

A)  cash payments journal
B)  cash receipts journal
C)  sales journal
D)  special journal
E)  purchases journal

Question 5

Purchases returns and allowances are recorded in the

Accepted Answer

A)   merchandise journal.
B)   general journal.
C)   purchases journal.
D)   accounts payable journal.

Question 6

A journal designed for entering only sales on account is called the

Accepted Answer

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

Question 7

"S14" in the Posting Reference column of a general ledger account would indicate that amount came from the sales journal on the 14th of the month.

Accepted Answer

A) True 
 B)False

Question 8

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the Accounts Payable balance in the general ledger.

Accepted Answer

A) True 
 B)False

Question 9

When purchasing merchandise for resale for cash, record the transaction in the

Accepted Answer

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

Question 10

Each special journal allows for specific transactions.

Accepted Answer

A) True 
 B)False

Question 11

Posting to the accounts payable ledger should be made at the end of the month.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is NOT true about posting the cash receipts journal information at the end of the month?

Accepted Answer

A)   Total the amount columns, prove the total of debits equal to credits, and rule the columns.
B)   Post the individual amounts from the General Credit column to the appropriate general ledger accounts.
C)   Post each column total except the General Credit column total to the general ledger accounts.
D)   Insert the date in the Date column and "CR" and the page number in the Posting Reference column of each ledger account.

Question 13

For the merchant, bank credit card sales are treated in a manner similar to

Accepted Answer

A)   accounts receivable.
B)   cash sales.
C)   installment sales.
D)   layaway sales.

Question 14

A journal that is not used by a business is a

Accepted Answer

A)   sales journal.
B)   purchase journal.
C)   cash flow journal.
D)   cash receipts journal.

Question 15

There is no need to total columns in the sales journal.

Accepted Answer

A) True 
 B)False

Question 16

A purchases journal is a special journal used to record purchases of merchandise for cash and on account.

Accepted Answer

A) True 
 B)False

Exam 12: Special Journals

For the merchant, bank credit card sales are treated in a manner similar to

Correct Answer
verified

Match the terms with the definitions. -A special journal used to record only transactions involving the receipt of cash.

Correct Answer
verified

A common approach to keeping a record of each customer's accounts receivable is to use a subsidiary accounts receivable ledger.

Correct Answer
verified

Each special journal allows for specific transactions.

Correct Answer
verified

A purchases journal is a special journal used to record purchases of merchandise for cash and on account.

Correct Answer
verified

A journal designed for entering only sales on account is called the

Correct Answer
verified

There is no need to total columns in the sales journal.

Correct Answer
verified

The cash receipts journal is posted to the general ledger in two stages. First, the individual amounts in the General Credit column are posted and then the total of the other amounts columns are posted.

Correct Answer
verified

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the Accounts Payable balance in the general ledger.

Correct Answer
verified

When purchasing merchandise for resale for cash, record the transaction in the

Correct Answer
verified

Posting to the accounts payable ledger should be made at the end of the month.

Correct Answer
verified

Purchases returns and allowances are recorded in the

Correct Answer
verified

A journal that is not used by a business is a

Correct Answer
verified

"S14" in the Posting Reference column of a general ledger account would indicate that amount came from the sales journal on the 14^th of the month.

Correct Answer
verified

Match the terms with the definitions. -A journal designed for recording only certain kinds of transactions.

Correct Answer
verified

Which of the following is NOT true about posting the cash receipts journal information at the end of the month?

Correct Answer
verified

Exam 12: Special Journals

For the merchant, bank credit card sales are treated in a manner similar to

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -A special journal used to record only transactions involving the receipt of cash.

Correct AnswerverifiedShow Answer

A common approach to keeping a record of each customer's accounts receivable is to use a subsidiary accounts receivable ledger.

Correct AnswerverifiedShow Answer

Each special journal allows for specific transactions.

Correct AnswerverifiedShow Answer

A purchases journal is a special journal used to record purchases of merchandise for cash and on account.

Correct AnswerverifiedShow Answer

A journal designed for entering only sales on account is called the

Correct AnswerverifiedShow Answer

There is no need to total columns in the sales journal.

Correct AnswerverifiedShow Answer

The cash receipts journal is posted to the general ledger in two stages. First, the individual amounts in the General Credit column are posted and then the total of the other amounts columns are posted.

Correct AnswerverifiedShow Answer

After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the Accounts Payable balance in the general ledger.

Correct AnswerverifiedShow Answer

When purchasing merchandise for resale for cash, record the transaction in the

Correct AnswerverifiedShow Answer

Posting to the accounts payable ledger should be made at the end of the month.

Correct AnswerverifiedShow Answer

Purchases returns and allowances are recorded in the

Correct AnswerverifiedShow Answer

A journal that is not used by a business is a

Correct AnswerverifiedShow Answer

"S14" in the Posting Reference column of a general ledger account would indicate that amount came from the sales journal on the 14th of the month.

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -A journal designed for recording only certain kinds of transactions.

Correct AnswerverifiedShow Answer

Which of the following is NOT true about posting the cash receipts journal information at the end of the month?

Correct AnswerverifiedShow Answer

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Correct Answer
verified

"S14" in the Posting Reference column of a general ledger account would indicate that amount came from the sales journal on the 14^th of the month.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified