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- What is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledgerWhen should entries from the sales journal be posted?A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
- If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales RevenueThe first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ? Select one: a. Sales account O b. Accounts receivable account O c. Purchase Return account O d. Sales Return account
- When a company extends credit directly to a customer for a purchase, the sale is recorded as a debit in the O A. customer record B. general ledger O C. cash flow journal D. balance sheet SUBMIT1. Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the customer. c. the customer's order is received. d. goods are shipped.A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?B. Who creates the Sales order?C. Who gets copies of the Sales Order?In the space below, please answer parts A, B, and C.
- Business documents used to keep track of sales and purchases are called _____. F.O.B. shipping point terms of sale invoices F.O.B. destinationIdentify the items from the following list that are likely to serve as source documents. a. Sales receipt d. Prepaid insurance account g. Income statement b. Trial balance e. Invoice from supplier h. Bank statement c. Balance sheet f. Company revenue account i. Telephone billIdentify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
