10 Questions
In a Sales Journal, what type of account should debits be recorded as?
Accounts Receivable
What is the purpose of a Purchase Journal?
To record purchases of inventory on credit or on account
In a Purchase Journal, what type of account should debits be recorded as?
Purchases
What information is recorded in the 'Description' column of a Sales Journal?
The customer's name
What is the control number of the charge invoice or sales invoice recorded in a Sales Journal?
Charge Invoice or Sales Invoice No.
What type of account is credited in a Sales Journal?
Sales
What information is recorded in the 'Description' column of a Purchase Journal?
The supplier's name
What is the purpose of a Sales Journal?
To record sales on account
What type of account is debited in a Purchase Journal?
Purchases
What is the effect of a sale on account on the seller's books?
An increase in assets
Test your understanding of general ledger accounting, including the different accounts, financial statements, and recording of financial transactions. Learn how to prepare and analyze financial statements with this quiz.
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