General Ledger Accounting
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

In a Sales Journal, what type of account should debits be recorded as?

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

What is the purpose of a Purchase Journal?

  • To record cash receipts from customers
  • To record cash payments to suppliers
  • To record sales on account
  • To record purchases of inventory on credit or on account (correct)

In a Purchase Journal, what type of account should debits be recorded as?

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

What information is recorded in the 'Description' column of a Sales Journal?

<p>The customer's name (D)</p> Signup and view all the answers

What is the control number of the charge invoice or sales invoice recorded in a Sales Journal?

<p>Charge Invoice or Sales Invoice No. (A)</p> Signup and view all the answers

What type of account is credited in a Sales Journal?

<p>Sales (B)</p> Signup and view all the answers

What information is recorded in the 'Description' column of a Purchase Journal?

<p>The supplier's name (D)</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 type of account is debited in a Purchase Journal?

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

What is the effect of a sale on account on the seller's books?

<p>An increase in assets (A)</p> Signup and view all the answers

More Like This

Financial Accounting Basics Quiz
12 questions
General Ledger Accounting
10 questions

General Ledger Accounting

MotivatedTsavorite avatar
MotivatedTsavorite
General Ledger and Financial Statements
20 questions
Accounting Chapter 4 Flashcards
20 questions
Use Quizgecko on...
Browser
Browser