Accounting chapter 17 special journals: purchases an cash payments

Account in the General ledger that controls the accounts payable subsidiary ledger.

Accounts payable

Is a separate ledger that contains all accounts for all creditors.

Accounts payable subsidiary ledger

Is an account in the general ledger that controls the accounts receivable subsidiary ledger.

Accounts receivable

Is a separate ledger that contains all charge customer accounts.

Accounts receivable subsidiary ledger

A special journal used for recording all cash paid out of the business.

Cash payments journal

Special journal used for recording all cash received by the business.

Cash recipets journal

Is an account in the general ledger that acts as a control on the accuracy of the accounts in the subsidiary ledger.

Controlling account

Amounts entered in the accounts payable debit column of the cash payments journal are posted at the end of the week

False

Individual amounts entered in the accounts payable credit column of the purchases journal are posted at the end of the month.

False

The schedule of accounts payable lists only creditor accounts showing a balance

False

The source document for recording a bank card fee is the check stub.

False

Is an all purpose journal used for recording transactions that do not fit into a special journal.

General journal

The process of determining whether the amount of cash recorded in the accounting records of the business agrees with the amount recorded in its checkbook.

Proving cash

Is a special journal used for recording all purchases of assets on account.

Purchases journal

Is a special journal for recording sales of merchandise on account.

Sales journal

Is a list of all creditors in the accounts payable subsidiary ledger, the balance of each account, and the total owed to all creditors.

Schedule of accounts payable

A check mark is entered in parentheses below the double rule of the general debit column of the purchases journal to indicate the column total is not posted

True

Every transaction recorded in the cash payments journal results in a credit to cash.

True

Purchases of items for cash are recorded in the purchases journal

True

The general Debit Column of the purchase journal is used to record purchases of all items on account other than merchandise on account.

True

The purchases of merchandise on account are recorded in the accounts payable credit column and the purchases debit column of the purchases journal.

True

The source document for recording info in the purchases journal is an invoice.

True

The totals of the special amounts columns of the cash payments journal are Posted at the end of the month.

True

is the date by which the invoice must be paid if a discount is to be taken.

due date