1) Special journals are efficient tools in helping journalize and post transactions since debits and credits for similar transactions are accumulated and then posted as totals instead of individually.
2) Credit terms include the specifics of the amounts and timing of payments from a buyer to a seller.
3 ) If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account, then the accounts are presumed to be correct.
4) Posting debits from the Sales journal to Accounts Receivable twice - once to the general ledger account Accounts Receivable and once to the customer's subsidiary account - violates the accounting equation of debits equal credits.
5) All accounts in the general ledger are supported by detailed subsidiary ledger records that have detailed information on each transaction.
6) General and subsidiary ledgers are kept in tandem.
7) A merchandiser buys and sells merchandise in order to make a profit.
8) A subsidiary ledger is a listing of individual accounts with a common characteristic.
9) Account balances in the general ledger and the subsidiary ledgers should be proved for accuracy after posting is complete.
10) Sales returns and sales allowances are usually recorded in the same contra-sales account.
11) All cash transactions are recorded in the Cash Receipts Journal.
12) A special journal is used to record and post transactions of a similar type.
13) It is not necessary to record sales tax on credit sales since none was actually collected.
14) Sales discounts is a contra revenue account, meaning that the Sales Discounts account is subtracted from the Sales account when computing a company's net sales.
15) The ledger that contains detailed information on specific accounts:
| | Column balance ledger. |
| | Special journal. |
| | Special ledger. |
| | General ledger. |
| | Subsidiary ledger. |
16)Credit terms often include information about:
| | Discount period. |
| | Credit period. |
| | Discount amount. |
| | Due date. |
| | All of the above. |
17) An accounts receivable ledger is:
| | The ledger that contains the financial statement accounts of a business. |
| | A subsidiary ledger that contains a separate account for each creditor (supplier) to the company. |
| | A subsidiary ledger that contains an account for each credit customer. |
| | A book of original entry that is designed and used for recording only a specified type of transaction. |
| | A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant accounts receivable outstanding. |
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