Accounting Ledger Basics

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Questions and Answers

What information is typically recorded in a sales journal?

  • Customer's name and debit account (correct)
  • Supplier's name and credit account
  • Employee's name and cash account
  • Manager's name and asset account

What is the debit account in a sales journal?

  • Sales
  • Accounts Receivable (correct)
  • Purchases
  • Accounts Payable

What is the credit account in a sales journal?

  • Purchases
  • Sales (correct)
  • Accounts Receivable
  • Asset

What is recorded in a purchase journal?

<p>Purchases on account (A)</p> Signup and view all the answers

What information is typically recorded in a purchase journal?

<p>Supplier's name and credit account (A)</p> Signup and view all the answers

What is the debit account in a purchase journal?

<p>Purchases (C)</p> Signup and view all the answers

What is the purpose of a sales journal?

<p>To record sales on account (C)</p> Signup and view all the answers

What is the purpose of a purchase journal?

<p>To record purchases on account (B)</p> Signup and view all the answers

In a sales journal, what is the result of a sale on account?

<p>Increase in Accounts Receivable (C)</p> Signup and view all the answers

In a purchase journal, what is the result of a purchase on account?

<p>Increase in Purchases (D)</p> Signup and view all the answers

What is the relationship between a sales journal and Accounts Receivable?

<p>Accounts Receivable is increased with a debit (A)</p> Signup and view all the answers

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