Match between columns Premises: Paid a utility bill for $3,400 cash. Purchased $1,590 of store supplies on account. Purchased a display rack on account for $4,700. Paid $65,000 cash for wages and salaries. Borrowed $5,000 cash from the bank. Returned defective inventory purchased on account, $2,900. A customer returned a $250 item purchased on account. Purchased merchandise on account, $2,700. Recorded cash sales of $14,700. Recorded depreciation on store equipment of $4,000.

The Answer of Cash receipts journal and Cash disbursements journal is...

Exam 17: Accounting With Special Journals

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

(True/False)

4.9/5

(40)

Question 81

An accounts payable ledger is:

(Multiple Choice)

5.0/5

(38)

Question 82

A company entered into the following transactions. Match each transaction with the appropriate journal. The journals can be used one time, zero times, or more than one time if necessary.

Paid a utility bill for $3,400 cash.

Cash receipts journal

Purchased $1,590 of store supplies on account.

Cash disbursements journal

Purchased a display rack on account for $4,700.

Sales journal

Correct Answer:

Verified

Paid a utility bill for $3,400 cash.

Purchased $1,590 of store supplies on account.

Purchased a display rack on account for $4,700.

Paid $65,000 cash for wages and salaries.

Borrowed $5,000 cash from the bank.

(Matching)

4.8/5

(39)

Question 83

The flexibility principle requires that an accounting information system conform to a company's activities, personnel, and structure and adapt to a company's unique characteristics.

(True/False)

4.9/5

(34)

Question 84

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company, business environment, and needs of decision makers.

(Short Answer)

4.8/5

(44)

Question 85

A columnar journal is any journal with only one column.

(True/False)

4.9/5

(42)

Question 86

A subsidiary ledger that contains a separate account for each supplier of the company is a(n):

(Multiple Choice)

4.8/5

(38)

Question 87

The accounting principle that requires an accounting information system to report useful, understandable, timely, and pertinent information for effective decision-making is the:

(Multiple Choice)

4.8/5

(41)

Question 88

Explain the purposes, types, and uses of special journals.

(Essay)

4.9/5

(42)

Question 89

Subsidiary ledgers provide all the following benefits except:

(Multiple Choice)

4.8/5

(41)

Question 90

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

(True/False)

4.9/5

(32)

Question 91

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record _________ and for each sale that is used in the perpetual system but not in the periodic.

(Essay)

4.8/5

(41)

Question 92

Enterprise resource planning software:

(Multiple Choice)

4.9/5

(34)

Question 93

Explain how the amounts in the subsidiary ledgers are tested for accuracy.

(Essay)

4.9/5

(37)

Question 94

A special journal is used to record and post transactions of a similar type.

(True/False)

4.9/5

(36)

Question 95

A __________________ is an all-purpose journal that can record any transaction.

(Short Answer)

5.0/5

(30)

Question 96

The purchases journal is used for recording:

(Multiple Choice)

4.9/5

(45)

Question 97

Enterprise resource planning software packages include the programs that manage a company's vital operations.

(True/False)

4.7/5

(43)

Question 98

The management of Pasama Inc. is evaluating the three segments of the company. Given the data below, which of the following statements is true regarding segment return on assets?

(Multiple Choice)

4.8/5

(33)

Question 99

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

(True/False)

4.7/5

(35)

Question 100

Showing 81 - 100 of 164

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

An accounts payable ledger is:

The flexibility principle requires that an accounting information system conform to a company's activities, personnel, and structure and adapt to a company's unique characteristics.

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company, business environment, and needs of decision makers.

A columnar journal is any journal with only one column.

A subsidiary ledger that contains a separate account for each supplier of the company is a(n):

The accounting principle that requires an accounting information system to report useful, understandable, timely, and pertinent information for effective decision-making is the:

Explain the purposes, types, and uses of special journals.

Subsidiary ledgers provide all the following benefits except:

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record _________ and for each sale that is used in the perpetual system but not in the periodic.

Enterprise resource planning software:

Explain how the amounts in the subsidiary ledgers are tested for accuracy.

A special journal is used to record and post transactions of a similar type.

A __________________ is an all-purpose journal that can record any transaction.

The purchases journal is used for recording:

Enterprise resource planning software packages include the programs that manage a company's vital operations.

The management of Pasama Inc. is evaluating the three segments of the company. Given the data below, which of the following statements is true regarding segment return on assets?

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

Introducing Financial Accounting

Accounting for Transactions

Preparing Financial Statements

Accounting for Merchandising Operations

Accounting for Inventories

Accounting for Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Accounting for Equity

Accounting for Cash Flows

Interpreting Financial Statements

Time Value of Money

Investments and International Operations

Accounting for Partnerships

Filters

Exam 17: Accounting With Special Journals

The difference in the sales journal between the perpetual and periodic inventory systems is that a column is used to record cost of goods sold and inventory amounts for each sale under the perpetual system but not the periodic system.

An accounts payable ledger is:

The flexibility principle requires that an accounting information system conform to a company's activities, personnel, and structure and adapt to a company's unique characteristics.

The __________________ principle requires that an accounting information system must be able to adapt to changes in the company, business environment, and needs of decision makers.

A columnar journal is any journal with only one column.

A subsidiary ledger that contains a separate account for each supplier of the company is a(n):

The accounting principle that requires an accounting information system to report useful, understandable, timely, and pertinent information for effective decision-making is the:

Explain the purposes, types, and uses of special journals.

Subsidiary ledgers provide all the following benefits except:

Most companies use batch processing instead of online processing because batch processing requires continual updating of databases.

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record ___________________________ and __________________ for each sale that is used in the perpetual system but not in the periodic.

Enterprise resource planning software:

Explain how the amounts in the subsidiary ledgers are tested for accuracy.

A special journal is used to record and post transactions of a similar type.

A __________________ is an all-purpose journal that can record any transaction.

The purchases journal is used for recording:

Enterprise resource planning software packages include the programs that manage a company's vital operations.

The management of Pasama Inc. is evaluating the three segments of the company. Given the data below, which of the following statements is true regarding segment return on assets?

A company using the periodic inventory system does not record the increase in cost of goods sold and decrease in inventory at the time of each sale in the sales journal.

Introducing Financial Accounting

Accounting for Transactions

Preparing Financial Statements

Accounting for Merchandising Operations

Accounting for Inventories

Accounting for Cash and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Accounting for Equity

Accounting for Cash Flows

Interpreting Financial Statements

Time Value of Money

Investments and International Operations

Accounting for Partnerships

Filters

The difference in the sales journal between the perpetual and periodic inventory systems is a column to record _________ and for each sale that is used in the perpetual system but not in the periodic.