1. The column in the cash receipts journal that will always be debited isA. cash columnB. sales discount columnC. sundry amount columnD. sales column2. Each time an entry is recorded in the purchases journal, the credit would be entered in theA. purchase columnB. accounts payable columnC. accounts receivable columnD. none of the above3. Infrequent sales returns would appear in which journal?A. salesB. generalC. cash receiptsD. cash disbursements4. The controlling account in the general ledger that summarizes the debits and credits to the individualaccounts in the customer's ledger is entitledA. Accounts ReceivableB. Accounts PayableC. SalesD. Purchases5. The individual amounts in the “Accounts Payable" column of the purchases journal are posted to theappropriate account in theA. general ledgerB. general journalC. accounts payable ledgerD. accounts receivable ledger

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Description: 1. The column in the cash receipts journal that will always be debited isA. cash columnB. sales discount columnC. sundry amount columnD. sales column2. Each time an entry is recorded in the purchases journal, the credit would be entered in theA. pur

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A. cash column B. sales discount column C. sundry amount column D. sales column 2. Each time an entry is recorded in the purchases journal, the credit would be entered in the A. purchase column B. accounts payable column C. accounts receivable column D. none of the above 3. Infrequent sales returns would appear in which journal? A. sales B. general C. cash receipts

A. cash column B. sales discount column C. sundry amount column D. sales column 2. Each time an entry is recorded in the purchases journal, the credit would be entered in the A. purchase column B. accounts payable column C. accounts receivable column D. none of the above 3. Infrequent sales returns would appear in which journal? A. sales B. general C. cash receipts

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

1. The column in the cash receipts journal that will always be debited is
A. cash column
B. sales discount column
C. sundry amount column
D. sales column
2. Each time an entry is recorded in the purchases journal, the credit would be entered in the
A. purchase column
B. accounts payable column
C. accounts receivable column
D. none of the above
3. Infrequent sales returns would appear in which journal?
A. sales
B. general
C. cash receipts
D. cash disbursements
4. The controlling account in the general ledger that summarizes the debits and credits to the individual
accounts in the customer's ledger is entitled
A. Accounts Receivable
B. Accounts Payable
C. Sales
D. Purchases
5. The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the
appropriate account in the
A. general ledger
B. general journal
C. accounts payable ledger
D. accounts receivable ledger

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