Question 1

Adjusting entries are recorded

Accepted Answer

A)  only on the work sheet. 
B)  only in the general ledger. 
C)  in the general journal. 
D)  in the special journals. 
A)  only on the work sheet. 
B)  only in the general ledger. 
C)  in the general journal. 
D)  in the special journals.

Question 2

A cash payments journal should not be used to record transactions which require payment by check.

Accepted Answer

A) True 
 B)False

Question 3

Cross-footing a cash receipts journal means

Accepted Answer

A)  the equality of debits and credits in the journal has been proved. 
B)  each line of the journal has a horizontal total. 
C)  the columns of the journal have been cross-referenced. 
D)  all necessary postings have been completed. 
A)  the equality of debits and credits in the journal has been proved. 
B)  each line of the journal has a horizontal total. 
C)  the columns of the journal have been cross-referenced. 
D)  all necessary postings have been completed.

Question 4

Match between columns
                        Premises: Purchase of merchandise on account.
Collection on account from customers.
Payment of employee's wages.
Sales of merchandise for cash.
Close Income Summary to Retained Earnings.
Adjusting entry for depreciation on machinery.
Payment of creditors on account.
Purchase of office equipment on credit.
Sales discount taken on goods sold on credit.
Sales of merchandise on account.
Purchase of a delivery truck for cash.
Return of merchandise purchased on credit.
Payment of rent in advance.
Adjusting entry for accrued interest expense.
Purchase of office supplies for cash.

Accepted Answer

The Answer of Cash Receipts Journal and Cash Payments Journal is...

Question 5

A sales journal is used to record

Accepted Answer

A)  only cash sales of merchandise. 
B)  sales of all assets on credit and for cash. 
C)  only credit sales of merchandise. 
D)  credit sales of merchandise, sales returns and allowances, and sales discounts. 
A)  only cash sales of merchandise. 
B)  sales of all assets on credit and for cash. 
C)  only credit sales of merchandise. 
D)  credit sales of merchandise, sales returns and allowances, and sales discounts.

Question 6

The accounts payable subsidiary ledger provides detailed information about amounts owed to creditors.

Accepted Answer

A) True 
 B)False

Question 7

An (x) below the "Other Accounts" column in a cash receipts journal indicates the

Accepted Answer

A)  total has been posted to the general ledger. 
B)  total is not posted to the general ledger. 
C)  column has been footed. 
D)  column has been cross-footed. 
A)  total has been posted to the general ledger. 
B)  total is not posted to the general ledger. 
C)  column has been footed. 
D)  column has been cross-footed.

Adjusting entries are recorded

A cash payments journal should not be used to record transactions which require payment by check.

Cross-footing a cash receipts journal means

A sales journal is used to record

The accounts payable subsidiary ledger provides detailed information about amounts owed to creditors.

An (x) below the "Other Accounts" column in a cash receipts journal indicates the

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations Perpetual Approach

Inventories Periodic Approach

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions, and Stockholders Equity

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Pricing

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Time Value of Money

Investments

Payroll Accounting

Other Significant Liabilities

Filters

Exam 29: Subsidiary Ledgers and Special Journals

Adjusting entries are recorded

A cash payments journal should not be used to record transactions which require payment by check.

Cross-footing a cash receipts journal means

A sales journal is used to record

The accounts payable subsidiary ledger provides detailed information about amounts owed to creditors.

An (x) below the "Other Accounts" column in a cash receipts journal indicates the

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations Perpetual Approach

Inventories Periodic Approach

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions, and Stockholders Equity

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Pricing

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Time Value of Money

Investments

Payroll Accounting

Other Significant Liabilities

Filters