Exam 12: Special Journals

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

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

"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.

Purchases returns and allowances are recorded in the

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

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.

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

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

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

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

Each special journal allows for specific transactions.

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.

A journal that is not used by a business is a

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

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

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