Accounting Chapter 17

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cash payments journal

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

accounts payable subsidiary ledger

A( n ) __ is a separate ledger that contains accounts for all creditors.

cash payments journal

Purchased merchandise for cash

cash receipts journal

The ___ is a special journal used for recording all cash received by the business.

due date

The ____________ is the date by which an invoice must be paid.

accounts payable

___ is an account in the general ledger that controls the accounts payable subsidiary ledger

sales journal

a ___ is a special journal used for recording the sale of merchandise on account

controlling account

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

true

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

false

accounts in the accounts payable subsidiary ledger have normal debit balances

purchases debit

amount of debit when purchasing merchandise on account

Accounts Payable credit

amount of the credit in a purchases journal

false

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

false

an invoice dated June 17 with terms 2/10, n/30 must be paid by July 17 to take advantage of the cash discount

false

because a bank service charge is automatically deducted from the checking account of a business, it is not necessary to record an entry in the ash payments journal

true

cash is usually proved at the end of the month

true

check stubs and the bank statement are the only two source documents used for recording transactions in the cash payments journal

true

every transaction recorded in the cash payments journal results in a credit to cash

false

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

accounts receivable

is an account in the general ledger that controls the accounts receivable

creditor's account credited

name of the creditor in the purchases journal

cash payments journal

paid insurance premiums for the next six months

cash payments journal

paid shipping charges for own merchandise purchased

cash payments journal

paid the monthly utility bill

purchases journal

purchased merchandise on account

cash payments journal

purchased office supplies for cash

false

purchases of items for cash are recorded in the purchases journal

purchases journal

purchases store equipment on account

cash payments journal

recorded bank service charge

cash payments journal

recorded bankcard fees for the month

cash payments journal

recorded payment of payroll

true

special journals should be footed before column totals are proved

schedule of accounts payable

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

accounts receivable subsidiary ledger

the ___ is a separate ledger that contains all charge customer accounts

purchases journal

the ___ is a special journal used for recording all purchases of assets on accounts

general journal

the ___ is an all-purpose journal used for recording transactions that do not fit into a special journal

true

the accounts payable controlling account is found in the general ledger

true

the general debit column of the purchases journal is used to record purchases of all items on account other than merchandise on account

proving cash

the process of determining whether the amount of cash recorded in the accounting records of a business agrees with the amount recorded in its checkbook is called ___

false

the purchases journal is used only for recording the purchase of 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

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

true

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

true

the special column totals of special journals are always posted at the end of the month

true

the totals of the special amount columns of the cash payments journal are posted at the end of the month

true

transactions recorded in either the purchases or cash payments journals which affect accounts payable subsidiary ledger accounts should be posted on a daily basis, that is, as soon as the transaction is recorded


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