23) Depreciation expense is recorded in a A) cash payments journal C) cash receipts journal E) subsidiary ledger B) purchases journal D) general journal 24) The Accounts Receivable balance in the general ledger may or may not equal the sum of the accounts in the accounts receivable subsidiary ledger. A) True B) False 25) A control account A) does not appear on the balance sheet B) has a balance that equals the sum of the balances in a group of related accounts in a subsidiary ledger C) is equivalent to a contra account and represents the offsetting nature of debits and credits on a firm's financial statements D) holds individual accounts that support a general ledger account E) none of the above 26) The sales journal is used for all sales of merchandise inventory. A) True B) False 27) Midwest Enterprises uses special journals. The company borrowed $10,000 from First State Bank. This transaction is recorded in the A) general journal C) cash receipts journal B) debt journal D) cash payments journal 28) In a cash receipts journal, A) cash sales are recorded in the Accounts Receivable CR column and the Cash DR column B) collections on account are recorded in the Accounts Receivable DR column and the Cash DR column C) the miscellaneous cash receipt transactions are ignored D) the cash sales are recorded in the Sales Revenue CR column E) none of the above 29) Which of the following is NOT included in the purchases journal? A) purchases of merchandise inventory for cash C) purchase of office supplies on credit B) purchase of merchandise inventory on account D) purchase of equipment on account E) none of the above