General Ledger Accounting
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Questions and Answers

What type of account is increased when a sale on account is recorded in the Sales Journal?

  • Expenses
  • Assets
  • Equity (correct)
  • Liabilities

    • What is the control number of the charge invoice or sales invoice called in the Sales Journal?

  • Credit Invoice Number
  • Charge Invoice Number
  • Sales Invoice Number (correct)
  • Debit Invoice Number

    • What is the debit account in the Sales Journal when a sale on account is recorded?

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

    • What type of account is increased when a purchase on account is recorded in the Purchase Journal?

    <p>Assets</p> Signup and view all the answers

    What is the purpose of a Purchase Journal?

    <p>To record all transactions involving purchases of inventory on credit or on account</p> Signup and view all the answers

    What is the credit account in the Sales Journal when a sale on account is recorded?

    <p>Sales</p> Signup and view all the answers

    What is the debit account in the Purchase Journal when a purchase on account is recorded?

    <p>Purchases</p> Signup and view all the answers

    What is recorded in the Sales Journal when Anita's business makes a trade sale worth ₱800.00 to Client B on account?

    <p>A sale on account</p> Signup and view all the answers

    What is the description in the Sales Journal?

    <p>The customer's name that availed of the service or bought the product of the business</p> Signup and view all the answers

    What is the purpose of a Sales Journal?

    <p>To record all transactions involving sales of inventory on credit or on account</p> Signup and view all the answers

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