Accounting Ch. 16
If a charge customer owes $600 and is given a 3 percent cash discount of $18, the amount to be recorded in Accounts Receivable Credit column of the cash receipts journal is_____
$600
1. All transactions involving incoming cash are recorded in the ____ 2. The _____ is a special journal used to record only the sale of merchandise on account. 3. A ____ is a column total written in a small pencil figures. 4. A ____ is used for journalizing a specific kind of business transaction. 5. A ___ lists all the accounts receivable subsidiary ledge and their balances.
2 sales journal 4 special journal 3 footing 1 cash receipts journal 5 schedule of accounts receivable
Every transaction recorded in the cash receipts journal requires_____
A debit to Cash in Bank
Special journals____
All of the above
Journal entries should be posted from the Accounts Receivable Debit column in the sale journal to the customer's accounts____
Daily
A cash sale of merchandise is recorded in the sales journal.
False
On a schedule of accounts receivable, only those accounts with balances are listed.
False
The use of special amount columns eliminates the need to post individual amounts to general ledger accounts.
False
When a special journal page is filled and there are additional transactions to record, write the phrase "Brought Forward" on the last line of the filled journal page.
False
When cash sales and bankcard sales transactions are recorded in the cash receipts journal, a check mark is placed in the Posting Reference column to indicate the amounts are not to be posted individually.
False
Accepted an office chair vauled at $100.00 from Susan Wright, a charge customer, as partial payment on her account
General journal
An entry to correct an error made when a sale on account was journalized and posted to the wrong customer's account.
General journal
The issuance of a debit memo to Plymouth Gladssware, a supplier, for unsatisfactory merchandise for which a purchase allowance was given.
General journal
All special journals have special amount columns in which debits and credits to frequently used accounts are entered.
True
An account number in parantheses under a column total in a special journal indicates that the total has been posted to the general ledger account whose number is shown.
True
Footings are always completed in pencil, and comumn totals are written in ink.
True
Proving the equality of debits and credits in the cash receipts journal does not prove the complete accuracy of the recorded transactions.
True
The General Credit column in the cash receipts journal is used for recording credita to accounts for which there are no special amount columns.
True
To prove the accounts receivable subsidiary ledger, the total of the schedule of accounts receivable is compared with the balance of the Accounts Receivable controlling account in the general ledger.
True
When posting from the sales journal to the accounts receivable subsidiary ledger, write the letter "S" plus the page number on which the transaction was recorded in the Posting Reference column of the subsidiary ledger account.
True
The totals of the special amount columns in the sales journal and the cash receipts journal are posted____
At the end of the month
Received $100 from Susan Wright, a charge customer, as a partial payment on her amount due.
Cash payments journal
Recorded Bankcard Sales of $1000.00
Cash receipts journal
The receipts of a check from charge customer Jan Hunt as a payment on account
Cash receipts journal
The sale of merchandise for cash to Michael Earl
Cash receipts journal
The sale of supplies for cash
Cash receipts journal
The value of the merchandise sold is recorded in the sales journal in the _____
Sales Credit column
Bell Tower Shoppes posted their Sales Tax Payable credit totals from sales. From which journal did they get this info.?
Sales journal
The sale of merchandise on account to Susan Wright.
Sales journal
The number of posting from the sales journal to the general ledger depends upon____
The number of special amount columns in the sales journal
A check mark in the Posting Reference column of the sales journal indicates that the transaction has been posted to the accounts receivable subsidiary.
True
A check mark under the double rule in the General Credit column of the cash receipts journal indicates the column total is not posted anywhere.
True
