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Question(s) / Instruction(s):

72. Posting a sales journal to the accounts in the general ledger requires a a. debit to Cash and a credit to Sales. b. debit to Sales and a credit to Inventory. c. debit to Accounts Receivable and a credit to Inventory. d. debit to Accounts Receivable and a credit to Sales.

73. The entries recorded in the Other Accounts column of a cash payments journal a. are posted to the accounts payable subsidiary ledger daily. b. are posted individually to accounts in the general ledger. c. are not posted individually but are posted as a column total to the general ledger. d. do not require posting.

74. Proving the equality of the totals in the columns of multiple-column special journals is called a. posting to the subsidiary. b. debiting and crediting. c. footing and crossfooting. d. updating the master file.

75. If a company records merchandise it returns to suppliers in the general journal, then a. a posting must be made only to the accounts payable control account. b. a posting must be made only to the accounts payable subsidiary ledger account. c. a dual posting must be made. d. there will be a debit to Merchandise Inventory.

76. Thompson's Wholesale uses a sales journal. An entry in this journal represents a a. debit to Cash; credit to Sales. b. debit to Accounts Receivable; credit to Sales. c. debit to Sales Discounts; credit to Cash. d. debit to Accounts Payable; credit to Sales Returns and Allowances.

77. Which accounts in the general ledger are affected when the monthly posting is made from the sales journal? a. Accounts Receivable; accounts receivable subsidiary accounts b. Accounts receivable subsidiary accounts; Sales c. Accounts Receivable; Sales d. Accounts Receivable; Purchases

78. Which of the following is not a true statement about the daily posting of the sales journal? a. There is a debit posting to accounts in the accounts receivable subsidiary ledger. b. There is no credit posting. c. The reference column in the sales journal is checked when the posting is complete for each entry in the journal. d. The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger.

79. Evidence that the monthly posting of the sales journal total has been accomplished is indicated by a. a signature of the accountant doing the posting. b. a date under the double-line total. c. the general ledger account numbers under the double-lined total. d. inspecting the postings in the accounts payable subsidiary ledger.

80. Which of the following economic events would not be recorded in the cash receipts journal? a. Cash sales of merchandise b. Collections of accounts receivable c. Cash from sale of land d. Cash purchases of merchandise

81. The "Other Accounts" column in a cash receipts journal is also referred to as the a. miscellaneous column. b. excess column. c. sundry accounts column. d. compound-entry column.

82. An entry in the "Other Accounts" column in a cash receipts journal could occur when the credit is to a. owner's drawing. b. Accounts Payable. c. owner's capital. d. Merchandise Inventory.

83. The process of totaling the columns of a journal is termed a. ruling. b. columnizing. c. sizing. d. footing.

84. An (x) below the "Other Accounts" column in a cash receipts journal indicates the a. total has been posted to the general ledger. b. total is not posted to the general ledger. c. column has been footed. d. column has been cross-footed.

85. Cross-footing a cash receipts journal means a. the equality of debits and credits in the journal have been proved. b. each line of the journal has a horizontal total. c. the columns of the journal have been cross-referenced. d. all necessary postings have been completed.

86. Which of the following would not be an appropriate heading for a column in the cash receipts journal? a. Cash b. Accounts Payable c. Sales Discounts d. Sales

87. Entries in the purchases journal are made a. from sales invoices. b. from the general journal. c. without supporting documentation. d. from purchase invoices.

88. Proving the postings of a one-column purchases journal would involve comparing the a. general ledger posting to Accounts Payable to the debit postings of the accounts receivable subsidiary ledger. b. general ledger posting to Accounts Payable to the general ledger posting to Merchandise Inventory. c. general ledger credit posting to Accounts Payable to the general ledger debit posting to Purchases. d. debit postings to the accounts receivable subsidiary ledger to the credit postings to the accounts payable subsidiary ledger.

89. If a company uses a multi-column purchases journal, which of the following possible headings for debit columns of the journal would not be appropriate? a. Accounts Payable b. Merchandise Inventory c. Store Supplies d. Office Supplies

90. The reference column of a multi-column cash payments journal after posting a. will only contain check marks. b. will be blank. c. will only contain account numbers. d. may contain either account numbers or check marks.

91. The reference column of the accounts in the accounts payable subsidiary ledger after posting may show a. only P references. b. CP, P, or G references. c. G, P, or S references. d. only CP references.

The following questions are from the Study Guide.

s92. Which of the following statements is incorrect? a. A major consideration in developing an accounting system is cost effectiveness. b. When an accounting system is designed, no consideration needs to be given to the needs and knowledge of the various users. c. The accounting system should be able to accommodate a variety of users and changing information needs. d. To be useful, information must be understandable, relevant, reliable, timely, and accurate.

s93. Which of the following is not an advantage of a subsidiary ledger? a. Shows transactions affecting one customer or one creditor in a single account. b. Help locate errors in individual accounts. c. Puts greater detail in the general ledger. d. Makes possible a division of labor. s94. When the totals of the sales journal are posted at the end of the month, there will be credits to a. Sales and Merchandise Inventory and debits to Accounts Receivable and Cost of Goods Sold. b. Accounts Receivable and Cost of Goods Sold and debits to Sales and Merchandise Inventory. c. Sales and debits to each individual customer account. d. the Sales account only, and no debits.

s95. The Other Accounts column of a multi-column journal is often referred to as the a. Sundry Accounts column. b. Controlling Account column. c. Credit Account column. d. Debit Account column.

s96. In the purchases journal, debits are made in which columns? a. Accounts Payable, Merchandise Inventory, and Office Supplies b. Merchandise Inventory, Office Supplies, and Store Supplies c. Cash, Office Supplies, and Store Supplies d. Accounts Payable, Cash, and Merchandise Inventory

s97. If a customer takes a sales discount, an entry is made in the a. cash receipts journal. b. sales journal. c. cash payments journal. d. general journal.

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