6. Centex Sound Systems purchased merchandise inventory costing $8,000 from Flower Co. on account. Where should Centex record this transaction, and what account is credited? a. Cash payments journal; credit Cash b. Sales journal; credit Sales Revenue c. Purchases journal; credit Accounts Payable d. General journal; credit Merchandise Inventory 7. Every transaction recorded in the cash payments journal includes a a. credit to Cash. c. debit to Sales Discounts. b. debit to Accounts Receivable. d. debit to Cash. 8. When using a manual accounting information system, which of the following trans- actions would be recorded in the general journal? a. Depreciation of office furniture b. Cash payment of rent c. Sale of merchandise inventory on account d. Purchase of merchandise inventory on account 9. Which is a disadvantage of an enterprise resource planning (ERP) system? a. Helps companies adjust to changes b. Can replace separate software systems c. Can reduce operating costs d. Implementation requires a large commitment of time and people

6. Centex Sound Systems purchased merchandise inventory costing $8,000 from Flower Co. on account. Where should Centex record this transaction, and what account is credited? a. Cash payments journal; credit Cash b. Sales journal; credit Sales Revenue c. Purchases journal; credit Accounts Payable d. General journal; credit Merchandise Inventory 7. Every transaction recorded in the cash payments journal includes a a. credit to Cash. c. debit to Sales Discounts. b. debit to Accounts Receivable. d. debit to Cash. 8. When using a manual accounting information system, which of the following trans- actions would be recorded in the general journal? a. Depreciation of office furniture b. Cash payment of rent c. Sale of merchandise inventory on account d. Purchase of merchandise inventory on account 9. Which is a disadvantage of an enterprise resource planning (ERP) system? a. Helps companies adjust to changes b. Can replace separate software systems c. Can reduce operating costs d. Implementation requires a large commitment of time and people

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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