General Ledger Accounting

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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>
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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>
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What type of account is credited in a Sales Journal?

<p>Sales (B)</p>
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What information is recorded in the 'Description' column of a Purchase Journal?

<p>The supplier's name (D)</p>
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What is the purpose of a Sales Journal?

<p>To record sales on account (C)</p>
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What type of account is debited in a Purchase Journal?

<p>Purchases (D)</p>
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What is the effect of a sale on account on the seller's books?

<p>An increase in assets (A)</p>
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