Question 1

This account is used to represent the amount owed on a promissory note.

Accepted Answer

A) Accounts Payable 
B) Notes Payable 
C) Promissory Note 
D) Cash Receipt Payable 
A) Accounts Payable 
B) Notes Payable 
C) Promissory Note 
D) Cash Receipt Payable

Question 2

Which of the following is not posted daily when using special journals?

Accepted Answer

A) A transaction involving a customer 
B) A transaction entered into the Other Accounts column of a special journal 
C) A transaction involving a creditor 
D) A column total in a special journal 
E) Individual numbers in columns and column totals in special journals are all posted daily. 
A) A transaction involving a customer 
B) A transaction entered into the Other Accounts column of a special journal 
C) A transaction involving a creditor 
D) A column total in a special journal 
E) Individual numbers in columns and column totals in special journals are all posted daily.

Question 3

Tyler Floor Company sold flooring for $1,275 cash. The sales tax for the customer using a bank credit card was 6%. Tyler Floor Company will debit Cash for what amount?

Accepted Answer

A) $1,351.50 
B) $1,324.47 
C) $1,198.58 
D) $1,174.61 
A) $1,351.50 
B) $1,324.47 
C) $1,198.58 
D) $1,174.61

Question 4

Sales Tax Payable is recorded on the books of the purchaser.

Accepted Answer

A) True 
 B)False

Question 5

Entries in the Accounts Payable Debit column of the cash payments journal are posted daily to the accounts payable ledger.

Accepted Answer

A) True 
 B)False

Question 6

A sizable reduction from the list price of merchandise purchased that is NOT recorded on the buyers books.

Accepted Answer

A) Sales Discount 
B) Purchase Discount 
C) Trade Discount 
D) Purchase Adjustment 
A) Sales Discount 
B) Purchase Discount 
C) Trade Discount 
D) Purchase Adjustment

This account is used to represent the amount owed on a promissory note.

Which of the following is not posted daily when using special journals?

Tyler Floor Company sold flooring for $1,275 cash. The sales tax for the customer using a bank credit card was 6%. Tyler Floor Company will debit Cash for what amount?

Sales Tax Payable is recorded on the books of the purchaser.

Entries in the Accounts Payable Debit column of the cash payments journal are posted daily to the accounts payable ledger.

A sizable reduction from the list price of merchandise purchased that is NOT recorded on the buyers books.

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 Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters

Exam 10: Cash Receipts and Cash Payments

This account is used to represent the amount owed on a promissory note.

Which of the following is not posted daily when using special journals?

Tyler Floor Company sold flooring for $1,275 cash. The sales tax for the customer using a bank credit card was 6%. Tyler Floor Company will debit Cash for what amount?

Sales Tax Payable is recorded on the books of the purchaser.

Entries in the Accounts Payable Debit column of the cash payments journal are posted daily to the accounts payable ledger.

A sizable reduction from the list price of merchandise purchased that is NOT recorded on the buyers books.

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 Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters