Exam 29: Subsidiary Ledgers and Special Journals

The accounts receivable _____________ provides detailed information about customer accounts which is summarized in one ______________ account in the general ledger.

If a company records merchandise it returns to suppliers in the general journal, then

A company would not likely use subsidiary ledgers for

If a company purchases merchandise for cash, the transaction should be recorded in the

If a transaction cannot be recorded in a special journal, it indicates that the company should adopt an electronic accounting system.

If a company uses a multiple-column purchases journal, which of the following possible headings for debit columns of the journal would not be appropriate?

Match the items below by entering the appropriate code letter in the space provided. A. Accounts payable ledger B. Cybercrime C. Special journals D. Subsidiary ledger E. Control account 1. A general ledger account that summarizes detailed information in a subsidiary ledger. 2. A subsidiary ledger that contains accounts with individual creditors. 3. Involves the Internet or computer technology. 4. Detailed information about a group of accounts with a common characteristic. 5. Used to record high volume, similar type transactions.

If merchandise from a cash sale is returned by a customer for a refund, the sales return is recorded in the

Postings are made daily to subsidiary ledgers so that

Gable's Wholesale uses a sales journal. An entry in this journal represents a

-Using the cash payments journal above, identify each of the posting references indicated by a letter, as representing: (1) a posting to a general ledger account. (2) a posting to a subsidiary ledger account. (3) that no posting is required.

Journalizing in a sales journal will not

The "Other Accounts" column in a cash receipts journal is also referred to as the

Evidence that the monthly posting of the sales journal total has been accomplished is indicated by

Entries in the cash payments journal are made from

A company uses a sales journal, cash receipts journal, purchases journal, cash payments journal, and a general journal. A cash sales return would be recorded in the

Proving the equality of the totals in the columns of multiple-column special journals is called

A single-column purchases journal indicates that

Listed below are various column headings that may appear in special journals. Using the following code letters, identify for each column heading (1) the special journal where the column heading would appear, and (2) whether the amounts entered under the column heading would be posted in total, individually, or both in total and individually. (Note: column headings may appear in more than one special journal)

Which of the following is not a true statement about the daily posting of the sales journal?