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Questions and Answers
What type of account is increased when a sale on account is recorded in the Sales Journal?
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?
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?
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?
What type of account is increased when a purchase on account is recorded in the Purchase Journal?
What is the purpose of a Purchase Journal?
What is the purpose of a Purchase Journal?
What is the credit account in the Sales Journal when a sale on account is recorded?
What is the credit account in the Sales Journal when a sale on account is recorded?
What is the debit account in the Purchase Journal when a purchase on account is recorded?
What is the debit account in the Purchase Journal when a purchase on account is recorded?
What is recorded in the Sales Journal when Anita's business makes a trade sale worth ₱800.00 to Client B on account?
What is recorded in the Sales Journal when Anita's business makes a trade sale worth ₱800.00 to Client B on account?
What is the description in the Sales Journal?
What is the description in the Sales Journal?
What is the purpose of a Sales Journal?
What is the purpose of a Sales Journal?
