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11 Questions

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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?

Purchases on account Signup and view all the answers

What information is typically recorded in a purchase journal?

Supplier's name and credit account Signup and view all the answers

What is the debit account in a purchase journal?

Purchases Signup and view all the answers

What is the purpose of a sales journal?

To record sales on account Signup and view all the answers

What is the purpose of a purchase journal?

To record purchases on account Signup and view all the answers

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

Increase in Accounts Receivable Signup and view all the answers

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

Increase in Purchases Signup and view all the answers

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

Accounts Receivable is increased with a debit Signup and view all the answers