A sales on account transaction is recorded: a. in the general journal after it has been recorded in the sales journal. Ob. in the sales journal after recording the receipt of payment in general journal. c. in the sales journal after it has been recorded in the general journal. d. in the sales journal and is not duplicated in the general journal.

A sales on account transaction is recorded: a. in the general journal after it has been recorded in the sales journal. Ob. in the sales journal after recording the receipt of payment in general journal. c. in the sales journal after it has been recorded in the general journal. d. in the sales journal and is not duplicated in the general journal.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...

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The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
Normally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes
In which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journal
In a sales transaction, which of the following is an assertion of existence or occurrence:a. All sales transactions that occur are recordedb. Sales transactions have been recorded at the correct periodc. The sales transaction has been recorded according to the amount that has been sent and the correct amount has been invoicedd. Sales transactions that have been recorded are valid sales to customers
which of the following actions update/ record is: a master file, transactions file, special journal, general journal, general ledger or subsidiary ledger: a. record sales transactions on a manual accounting system. b. record adjusting journal entry on a manual accounting system
The Accounts Receivable subsidiary ledger is updated (increased and decreased) by using which of the following documents: A. Billing of ladings and sales (billing) invoices B. Sales orders and remittance advices C. Sales (billing) invoices and sales orders D. Sales (billing) invoices and remittance advices
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
If merchandise sold on account is returned to the seller the seller may inform the customer of the details by issuing a a. Credit memo b. Purchase invoice c. Debit memo d.
When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a debit in the
On a sales receipt, the account selected in the Deposit to field results in Sales Receipt Payment method Chente pament mintha A. a credit OB. a debit OC.no entry Reference no. Deposit to to that account.
Sales made to person on credit should be credited to which of following ledger accounts?
True or False: The posting of purchase transactions to the general ledger is done in the same manner as sales transactions.