10 Questions
What type of account is increased when a sale on account is recorded in the Sales Journal?
Equity
What is the control number of the charge invoice or sales invoice called in the Sales Journal?
Sales Invoice Number
What is the debit account in the Sales Journal when a sale on account is recorded?
Accounts Receivable
What type of account is increased when a purchase on account is recorded in the Purchase Journal?
Assets
What is the purpose of a Purchase Journal?
To record all transactions involving purchases of inventory on credit or on account
What is the credit account in the Sales Journal when a sale on account is recorded?
Sales
What is the debit account in the Purchase Journal when a purchase on account is recorded?
Purchases
What is recorded in the Sales Journal when Anita's business makes a trade sale worth ₱800.00 to Client B on account?
A sale on account
What is the description in the Sales Journal?
The customer's name that availed of the service or bought the product of the business
What is the purpose of a Sales Journal?
To record all transactions involving sales of inventory on credit or on account
Learn about the general ledger, its importance in financial statement preparation, and how it summarizes changes in accounts affecting a business's assets, liabilities, and more. Understand the role of posting in the ledger and its relation to financial transactions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
