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

    What type of account is credited in a Sales Journal?

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

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

    <p>The supplier's name</p> Signup and view all the answers

    What is the purpose of a Sales Journal?

    <p>To record sales on account</p> Signup and view all the answers

    What type of account is debited in a Purchase Journal?

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

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