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Questions and Answers
In a Sales Journal, what type of account should debits be recorded as?
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?
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?
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?
What information is recorded in the 'Description' column of a Sales Journal?
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What is the control number of the charge invoice or sales invoice recorded in a Sales Journal?
What is the control number of the charge invoice or sales invoice recorded in a Sales Journal?
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What type of account is credited in a Sales Journal?
What type of account is credited in a Sales Journal?
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What information is recorded in the 'Description' column of a Purchase Journal?
What information is recorded in the 'Description' column of a Purchase Journal?
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What is the purpose of a Sales Journal?
What is the purpose of a Sales Journal?
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What type of account is debited in a Purchase Journal?
What type of account is debited in a Purchase Journal?
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What is the effect of a sale on account on the seller's books?
What is the effect of a sale on account on the seller's books?
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