51. (2 point)

The total of the Discounts Allowed column in the Cash Book is posted to

A. The debit of the Discounts Allowed account

B. The debit of the Discounts Received account

C. The credit of the Discounts Allowed account

D. The credit of the Discounts Received account

E. None of the above

52. (2 point)

Sales invoices are rst entered in

A. The Cash Book

B. The Purchases Journal

C. The Sales Account

D. The Sales Journal

E. None of the above

53. (2 point)

The total of the Sales Journal is entered on

A. The credit side of the Sales Account in the General Ledger

B. The credit side of the General Account in the Sales Ledger

C. The debit side of the Sales Account in the General Ledger

D. The debit side of the Sales Day Book.

E. None of the above

54. (2 point)

Given a purchases invoice showing 5 items of 80 each, less trade discount of 25 per cent and cash discount of 5 per cent, if paid within the credit period, your cheque would be made out for

A. 285

B. 280

C. 260

D. 55

D. None of these.

55. (2 point)

An alternative name for a Sales Journal is

A. Sales Invoice

B. Sales Day Book

C. Daily Sales

D. Sales Ledger.

E. None of the above

56. (2 point)

Entered in the Purchases Journal are

A. Payments to suppliers

B. Trade discounts

C. Purchases invoices

D. Discounts received

E. None of the above

57. (2 point)

The total of the Purchases Journal is transferred to the

A. Credit side of the Purchases Account

B. Debit side of the Purchases Day Book

C. Credit side of the Purchases Book

D. Debit side of the Purchases Account.

E. None of the above

58. (2 point)

Credit notes issued by us will be entered in our

A. Sales Account

B. Returns Inwards Account

C. Returns Inwards Journal

D. Returns Outwards Journal.

E. None of the above

59. (2 point)

The total of the Returns Outwards Journal is transferred to

A. The credit side of the Returns Outwards Account

B. The debit side of the Returns Outwards Account

C. The credit side of the Returns Outwards Book

D. The debit side of the Purchases Returns Book.

E. None of the above

60. (2 point)

We originally sold 25 items at 12 each, less 331/3 per cent trade discount. Our customer now returns 4 of them to us. What is the amount of credit note to be issued?

A. 48

B. 36

C. 30

D. 32.

E. None of the above