Multiple Choice
Match the terms below with the correct definitions.
-Special journal used for recording the purchase of merchandise on account only
A) FOB destination
B) Sales Returns and Allowances
C) Controlling account
D) Accounts receivable ledger
E) Subsidiary ledger
F) Purchases journal
G) Sales invoice
H) FOB shipping point
I) General journal
Correct Answer:
Verified
Correct Answer:
Verified
Q38: Azure Company uses the perpetual inventory system.
Q39: After posting the total goods sold on
Q40: Transactions in the sales journal are posted
Q41: A liability account used to record sales
Q42: Merchandising companies include<br>A) Wholesales<br>B) Retailers<br>C) Both A
Q44: A subsidiary ledger that contains individual accounts
Q45: A form used by business to inform
Q46: Entries in the purchases journal are posted
Q47: Jane's Animal Haven uses the general journal
Q48: Which of the following is recorded in