Question 1

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 ledger
F)Purchases journal
G)Sales invoice
H)FOB shipping point
I)General journal 
A) FOB destination 
B) Sales Returns and Allowances 
C) Controlling account 
D) Accounts receivable ledger 
E) Subsidiary ledger
F)Purchases journal
G)Sales invoice
H)FOB shipping point
I)General journal

Question 2

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. 
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 3

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 4

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

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

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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 8

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 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. 
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.

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

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

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

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

What is the correct entry to record sales tax collected?

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

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

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

A one-column sales journal may be used to record

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters

Exam 9: Sales and Purchases

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

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

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

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

What is the correct entry to record sales tax collected?

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

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

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

A one-column sales journal may be used to record

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters