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General Journal
The owner of the business takes $100 cash and goods costing $200 for his family. The proper journal entry for this transaction is:
Drawings > Debit; Cash > Credit; Purchases > Credit
Drawings > Debit; Cash > Credit; Merchandise > Credit
Drawings > Debit; Cash > Credit; Sales > Credit
Cash > Debit; Purchases > Debit; Drawings > Credit
Author:
rikazzz
Comment
General Journal
When a customer returns merchandise, the account to be debited is:
Capital
Revenue
Sales return and allowances
Purchase returns and allowances
Author:
rikazzz
Comment
General Journal
The day book is another name for:
Ledger
Cash book
Pass book
Journal
Author:
rikazzz
Comment
General Journal
The process of recording business transactions in chronological order is called:
Recording
Posting
Journalizing
Classifying
Author:
rikazzz
Comment
General Journal
A journal entry that involves more than two accounts is called:
Double entry
Compound entry
Combined entry
Complex entry
Author:
rikazzz
Comment
General Journal
The term used for the discount offered by sellers to encourage prompt payments is known as:
Trade discount
Relationship discount
Payment discount
Cash discount
Author:
rikazzz
Comment
General Journal
The correct entry for the sale of merchandise on account is:
Accounts Receivable > Debit; Profit > Credit
Cash > Debit; Sales > Credit
Accounts Receivable > Debit; Asset > Credit
Accounts Receivable > Debit; Sales > Credit
Author:
rikazzz
Comment
General Journal
The cash discount received is credited because it is:
A liability
An expense
An asset
An income
Author:
rikazzz
Comment
General Journal
The cash discount given is debited because it is:
A revenue of the business
An expense of the business
A liability of the business
An asset of the business
Author:
rikazzz
Comment
General Journal
The column of the journal used to record the page number of the ledger account is known as:
Referring column
Posting reference
Entry number
Ledger number
Author:
rikazzz
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