Question 1

The entries in the sales journal must also be posted individually to the

Accepted Answer

A)   Accounts Receivable and Sales accounts.
B)   Sales account.
C)   Accounts Receivable ledger.
D)   accounts receivable controlling account.
E)   accounts payable ledger.

Question 2

What are the four most commonly used special journals, and what are they used for?

Accepted Answer

Sales journal ? Used to record sales of ...

Question 3

Transactions for purchases returns and allowances affecting Accounts Payable are recorded in the general journal.

Accepted Answer

A) True 
 B)False

Question 4

Under the accrual basis of accounting, sales on account are not recorded in the sales journal until payment is received.

Accepted Answer

A) True 
 B)False

Question 5

What is the correct entry to record sales tax collected?

Accepted Answer

A)   Sales Tax Expense DR
B)   Sales Tax Expense CR
C)   Sales Tax Payable DR
D)   Sales Tax Payable CR

Question 6

Which of the following is a characteristic of the sales returns and allowance account?

Accepted Answer

A)   It has a credit balance.
B)   It tracks returns from vendors.
C)   It tracks returns from customers.
D)   It is a contra account to Purchases.

Question 7

Place an X in the column that indicates the journal in which each of the following transactions will be recorded in.

Accepted Answer

The answer of Place an X in the column that...

Question 8

Match the terms below with the correct definitions.
-Group of accounts representing the details of a controlling account

Accepted Answer

A)  FOB destination
B)  Sales Returns and Allowances
C)  Controlling account
D)  Accounts receivable ledger
E)  Subsidiary ledgerF) Purchases journalG) Sales invoiceH) FOB shipping pointI) General journal

Question 9

A one-column sales journal may be used to record

Accepted Answer

A)   sales of supplies on account.
B)   sales of goods on account.
C)   sales of goods for cash.
D)   sales of supplies for cash.
E)   collections on account.

Exam 9: Sales and Purchases

The entries in the sales journal must also be posted individually to the

Correct Answer
verified

What are the four most commonly used special journals, and what are they used for?

Correct Answer
verified
Sales journal ? Used to record sales of ...
View Answer

Under the accrual basis of accounting, sales on account are not recorded in the sales journal until payment is received.

Correct Answer
verified

A one-column sales journal may be used to record

Correct Answer
verified

Transactions for purchases returns and allowances affecting Accounts Payable are recorded in the general journal.

Correct Answer
verified

What is the correct entry to record sales tax collected?

Correct Answer
verified

Place an X in the column that indicates the journal in which each of the following transactions will be recorded in.

Correct Answer
verified

Match the terms below with the correct definitions. -Group of accounts representing the details of a controlling account

Correct Answer
verified

Which of the following is a characteristic of the sales returns and allowance account?

Correct Answer
verified

Exam 9: Sales and Purchases

The entries in the sales journal must also be posted individually to the

Correct AnswerverifiedShow Answer

What are the four most commonly used special journals, and what are they used for?

Correct AnswerverifiedSales journal ? Used to record sales of ...View AnswerShow Answer

Under the accrual basis of accounting, sales on account are not recorded in the sales journal until payment is received.

Correct AnswerverifiedShow Answer

A one-column sales journal may be used to record

Correct AnswerverifiedShow Answer

Transactions for purchases returns and allowances affecting Accounts Payable are recorded in the general journal.

Correct AnswerverifiedShow Answer

What is the correct entry to record sales tax collected?

Correct AnswerverifiedShow Answer

Place an X in the column that indicates the journal in which each of the following transactions will be recorded in.

Correct AnswerverifiedShow Answer

Match the terms below with the correct definitions. -Group of accounts representing the details of a controlling account

Correct AnswerverifiedShow Answer

Which of the following is a characteristic of the sales returns and allowance account?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Sales journal ? Used to record sales of ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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