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1. What document does a customer receive when goods are retuned? a. purchase order b. credit memo c. debit memo d. receiving report e. bill
1. What document does a customer receive when goods are retuned? a. purchase order b. credit memo c. debit memo d. receiving report e. bill of lading 2. In order to maintain controls over cash receipts, cash is typically deposited . while a bank reconciliation is performed . a. daily, weekly b. daily, monthly c. weekly, monthly d. monthly, daily e. weekly, weekly 3. In the cash disbursements cycle, the vendor invoice is marked paid when a check is issued in order to file the invoice alphabetically b. a. make the necessary entry in the cash disbursements journal c. indicate that the purchase is a fixed asset acquisition d. indicate that the purchase has an approved purchase order e. avoid duplicate payment of the invoice The sales journal is the only journal that would be used to post a 4. a. sale b. cash sale c. credit sale d. cash discount e. cash transaction 5. Which of the following is subtracted from an employee's gross pay: a. b. c. d. e. federal unemployment tax state unemployment tax local unemployment tax employer portion of FICA tax federal income tax withholding 6. Adjusting journal entries are prepared for which of the following? a. b. c. d. e. record depreciation expense adjust payroll expense for wages earned but not yet paid record an inventory purchase a and b only all of the above
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