The sales journal is used to record:Multiple ChoiceCredit purchases of inventory.Sales of inventory on credit.Cash sales of inventory.Cash purchases of inventory.Cash receipts.www The purchases journal is used for recording:Multiple ChoiceCredit purchases.Credit sales.Cash sales.Cash purchases.Cash payments.

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Description: The sales journal is used to record:Multiple ChoiceCredit purchases of inventory.Sales of inventory on credit.Cash sales of inventory.Cash purchases of inventory.Cash receipts.www The purchases journal is used for recording:Multiple ChoiceCredit pur

A special journal is a form of specialized journal used to record the transactions entered into by…

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Business

Accounting

The sales journal is used to record: Multiple Choice Credit purchases of inventory. Sales of inventory on credit. Cash sales of inventory. Cash purchases of inventory. 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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3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice (Credit) c) Debit note d) Credit note e) Voucher
For a Credit Invoice Received, which entry should be made? debit to sales returns and allowances, debit to the purchases account, credit to the purchase returns and allowances account or credit to the sales account?
Is purchases is the account to be debited upon purchase of merchandise under the perpetual inventory system?
Which of the following is the correct journal entry to record a sale to a customer on account? A) Debit Cash Credit Sales B) Debit Sales Credit Accounts Receivable C) Debit Accounts Receivable Credit Cash D) Debit Accounts Receivable Credit Sales
Match the terms with the definitions. A journal designed for recording only certain kinds of transactions. A special journal used to record only transactions involving the receipt of cash. A special journal used to record only sales on account. A special journal used to record transactions involving the payment of cash. A special journal used to record only purchases of merchandise on account. a. cash payments journal b. cash receipts journal c. sales journal d. special journal e. purchases journal
Describe the data flow in the buying process that begins when the purchasing organization sends a check to a vendor to settle an invoice for goods bought.
If a company uses a periodic inventory system, which of the following entry or entries are required to record the sale of merchandise on account? a.debit Cost of Goods Sold; credit Inventory b.debit Cost of Goods Sold; credit Purchases c.debit Cash, credit Sales Revenue d.debit Accounts Receivable, credit Sales Revenue
What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts receivable, merchandise inventoryB. accounts payable, merchandise inventoryC. accounts payable, cashD. sales, accounts receivable
Return of merchandise sold on account is recorded in the: A purchases journal B either sales or purchases journal sales journal general journal
If a customer purchases merchandise on credit and returns the defective merchandise beforepayment, what accounts would recognize this transaction?A. sales discount, cashB. sales returns and allowances, cashC. accounts receivable, sales discountD. accounts receivable, sales returns and allowances
Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. sales discountsD. accounts payable
All of the following are documents used for inventory control except Oa. a receiving report. Ob. a petty cash voucher Oc. a vendor's invoice.