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Q1. Underline/highlight the correct answer. 1. Where are the accounts of credit suppliers found? a. Purchases Journal b. Receivables Ledger c. Payables Ledger d. Sales Journal 2. What is the correct treatment of a sale on credit? a. Debit Cash & Credit Sales b. Credit Sales & Debit Cash c. Credit Sales & Debit Customer d. Debit Customer & Credit Sales 3. In which book do we record a credit note sent to a customer? a. Purchases returns daybook b. Sales daybook c. Sales returns daybook d. None of the above 4. Which one of the following accounts normally has a credit balance? a. Return inwards account b. Machinery account c. Sales account d. Cash account 5. Which will appear on the credit side of the Trial Balance? a. Purchases b. Revenue returns c. Purchase returns d. Discount allowed

Q1. Underline/highlight the correct answer. 1. Where are the accounts of credit suppliers found? a. Purchases Journal b. Receivables Ledger c. Payables Ledger d. Sales Journal 2. What is the correct treatment of a sale on credit? a. Debit Cash & Credit Sales b. Credit Sales & Debit Cash c. Credit Sales & Debit Customer d. Debit Customer & Credit Sales 3. In which book do we record a credit note sent to a customer? a. Purchases returns daybook b. Sales daybook c. Sales returns daybook d. None of the above 4. Which one of the following accounts normally has a credit balance? a. Return inwards account b. Machinery account c. Sales account d. Cash account 5. Which will appear on the credit side of the Trial Balance? a. Purchases b. Revenue returns c. Purchase returns d. Discount allowed

FINANCIAL ACCOUNTING
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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Q1. Underline/highlight the correct answer. 1. Where are the accounts of credit suppliers found? a. Purchases Journal b. Receivables Ledger c. Payables Ledger d. Sales Journal 2. What is the correct treatment of a sale on credit? a. Debit Cash & Credit Sales b. Credit Sales & Debit Cash c. Credit Sales & Debit Customer d. Debit Customer & Credit Sales 3. In which book do we record a credit note sent to a customer? a. Purchases returns daybook b. Sales daybook c. Sales returns daybook d. None of the above 4. Which one of the following accounts normally has a credit balance? a. Return inwards account b. Machinery account c. Sales account d. Cash account 5. Which will appear on the credit side of the Trial Balance? a. Purchases b. Revenue returns c. Purchase returns d. Discount allowed
Transcribed Image Text:Q1. Underline/highlight the correct answer. 1. Where are the accounts of credit suppliers found? a. Purchases Journal b. Receivables Ledger c. Payables Ledger d. Sales Journal 2. What is the correct treatment of a sale on credit? a. Debit Cash & Credit Sales b. Credit Sales & Debit Cash c. Credit Sales & Debit Customer d. Debit Customer & Credit Sales 3. In which book do we record a credit note sent to a customer? a. Purchases returns daybook b. Sales daybook c. Sales returns daybook d. None of the above 4. Which one of the following accounts normally has a credit balance? a. Return inwards account b. Machinery account c. Sales account d. Cash account 5. Which will appear on the credit side of the Trial Balance? a. Purchases b. Revenue returns c. Purchase returns d. Discount allowed
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