Accounting Chapter 9

The accounts payable ledger has postings from which of the following sets of journals? A. Purchases and sales B. Cash payments and sales C. Purchases, cash payments, and general D. Sales and cash payments E. Purchases, cash receipts, and general

C. Purchases, cash payments, and general

The _______ is the source for preparing the schedule of accounts receivable. A. default control account B. credit memorandum C. accounts receivable ledger D. accounts payable ledger E. inventory control account

C. accounts receivable ledger

The entries in the sales journal must also be posted individually to the: A. Sales account B. Accounts payable ledger C. Accounts Receivable and Sales accounts D. Account Receivable ledger E. Accounts receivable controlling account

D. Account Receivable ledger

The total of the customer accounts receivable ledger at the end of the accounting period must equal the total of the: A. Accounts Receivable Credit column in the cash receipts journal B. Accounts Receivable Debit column in the cash receipts journal C. Accounts Payable in the general ledger D. Accounts Receivable account in the general ledger E. Creditors' accounts payable ledger

D. Accounts Receivable account in the general ledger

The purchases journal is used for the purchase of: A. assets other than merchandise for cash B. merchandise for cash C. merchandise or other assets for cash D. merchandise on account E. assets other than merchandise on account

D. merchandise on account

The account that is debited for every transaction in the sales journal is: A. Sales Return B. Accounts Payable C. Cash D. Sales Discounts E. Accounts Receivable

E. Accounts Receivable

Accounts are posted individually from the purchases journal to the: A. Debit column of the Cash account in the general ledger. B. Credit column of the Cash account in the general ledger C. Credit column of the Inventory account in the general ledger D. Credit column of the Accounts Receivable account in the general ledger E. Credit column of the creditors' accounts in the accounts payable ledger

E. Credit column of the creditors' accounts in the accounts payable ledger

Chandler Company bought goods from Lisel Company, with shipping terms FOB destination. Which of the following statements correctly identifies who is to pay the freight bill when the title is transferred? A. The buyer pays the freight, thus the term FOB (free on board). B. Lisel pays transportation, and title is exchanged when goods are unloaded at Lisel Company. C. Chandler pays transportation, and title is exchanged when goods are unloaded at Chandler Company. D. Chandler pays transportation, and title is exchanged when goods are loaded at Chandler Company. E. Lisel pays transportation, and title is exchanged when goods are unloaded at Chandler Company.

E. Lisel pays transportation, and title is exchanged when goods are unloaded at Chandler Company.

When merchandise previously sold is returned for credit, the journal entry is: A. debit Sales Returns and Allowances; credit Accounts Payable B. debit Accounts Receivable; credit Purchases Discounts C. debit Sales; credit Accounts Receivable D. debit Accounts Receivable; credit Sales Returns and Allowances E. debit Sales Returns and Allowances; credit Accounts Receivable

E. debit Sales Returns and Allowances; credit Accounts Receivable

Which of the following is recorded in the sales journal? A. Purchase of merchandise for cash B. Sale of merchandise on account C. Return of merchandise purchased for cash D. Sale of merchandise for cash E. Return of merchandise purchased on account

B. Sale of merchandise on account