11 Questions
What information is typically recorded in a sales journal?
Customer's name and debit account
What is the debit account in a sales journal?
Accounts Receivable
What is the credit account in a sales journal?
Sales
What is recorded in a purchase journal?
Purchases on account
What information is typically recorded in a purchase journal?
Supplier's name and credit account
What is the debit account in a purchase journal?
Purchases
What is the purpose of a sales journal?
To record sales on account
What is the purpose of a purchase journal?
To record purchases on account
In a sales journal, what is the result of a sale on account?
Increase in Accounts Receivable
In a purchase journal, what is the result of a purchase on account?
Increase in Purchases
What is the relationship between a sales journal and Accounts Receivable?
Accounts Receivable is increased with a debit
Test your understanding of accounting ledgers, including debits, credits, and balances. Learn how subsidiary ledgers break down general ledger accounts, such as accounts receivable.
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