Chapter 9 All Dont Mind

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9-20 | Basic Financial Accounting and Reporting by Prof. WIN Ballada SCORE: NAME: 20. Th PROFESSOR: SECTION: le 21. TH Fill in the Blanks of 1. The normal balance of Sales Discounts is is a contra-revenue account. 22. TH 2. and 23. T 3. Sales discount is a account. 4. A discount period is less time than the 24. A 5. A records the sale of merchandise on account. 6. The lists in alphabetical order an account for 25. each customer. 7. in the general ledger is called the controlling account. 8. The (V) in the sales journal indicates that the accounts receivable ledger has been 26. updated 27. 9. The totals of the sales journal are posted at the 28. the general ledger account. 29. 10. VAT Payable is a in the general ledger. 11. Issuing a results in the seller reducing its accounts 30 receivable. 31 12. Sales Returns and Allowances is a account. 32. 13. The records the receipt of cash from any source. 14. The total of the column in the cash receipts journal is never 33. posted. 15. A lists the ending balances from the accounts 34. receivable ledger. 16. F.O.B. shipping point means the covers the shipping cost. 17. The Purchases account has a balance. 18. Purchases are defined as merchandise for to customers. 19. The accounts payable subsidiary ledger represents a potential of cash.Special and Combination Journals, and Voucher System | 9-25 NAME: SECTION: SCORE: PROFESSOR: Matching Type Special Purpose Journals A. Sales B. Cash Receipts C. Purchases D. Cash Payments E. General Required: Indicate in which of the five journals each transaction must be recorded: 1. Sale of merchandise for cash. . Sale of merchandise on account. 3. Cash refund to a customer. 4. Receipt of cash from a customer in settlement of an account. 5. Purchase of merchandise for cash. 6. Purchase of merchandise on account. 7. Payment of salaries. 8. Note payable sent to a creditor in settlement of an account. 9. Payment of interest on a mortgage. 10. Receipt of a note in settlement of a customer's account.9-22 | Basic Financial Accounting and Reporting by Prof. WIN Ballada NAME: SCORE: SECTION: PROFESSOR: 14. True or False 1. Transactions involving the payment of cash for any purpose are usually recorded in 15. a cash journal. 2. Special journals are modified in practice to adapt to the specific needs of an entity. 16 3. The primary ledger that contains all of the balance sheet and income statement accounts is called the general ledger. 17. 4. At the end of each month, the total of the amount column of the sales journal is posted as a debit to accounts receivable and a credit to sales. 18. 5 . After postings have been completed for the month, if the sum of the balances in the 19. accounts receivable subsidiary ledger does not agree with the balance of the accounts receivable account in the general ledger, the errors must be located and 20 corrected. 6. Sales on account of office equipment used in the business would be recorded in the sales journal. 7. Each amount in the other accounts column of the cash receipts journal must be posted individually to the appropriate general ledger account. 8. When there are numerous accounts with a common characteristic, it is common to place them in a separate ledger called a detail ledger. 9. The sale of merchandise for cash is recorded in the sales journal. 10. The total of the other accounts column of the cash receipts journal is not posted to the general ledger. 11. When special journals, control accounts and subsidiary ledgers are used, no posting to any ledger is performed until the end of the month. 12. For each transaction recorded in the purchases journal, the credit is entered in the accounts payable column. 13. Acquisitions on account which are not provided for in special debit columns are recorded in the other accounts column in the purchases journal.Special and Combination Journals, and Voucher System | 9-21 70. The controlling account in the general ledger for the accounts payable subsidiary ledger is called 21. The balance in the Accounts Payable controlling account should be equal to the sum of the accounts payable ledger accounts 22. The total of the other accounts column is 23. The (V) in the reference column indicates that the has been updated. 24. A that is issued means the buyer owes less money, as merchandise is being returned or an allowance received. 25. A debit memorandum issued or a credit memorandum received results in a to Accounts Payable and a credit to Purchases, Returns, and Allowances. 26. List price - net price = amount. 27. The accounts payable ledger is listed in 28. Purchases, Returns, and Allowances is increased by a 29. The cash payments journal records transactions that involve outward flows of 30. The cash payments journal alleviates certain repetitive 31. Purchases Discounts is increased by 32. A provides the purchasing department the information to then prepare a purchase order. 33. A is made out after a company inspects received shipments. 34. The total of the cash column is posted at the to the general ledger.Special and Combination Journals, and Voucher System | 9-23 14. Debits to creditors' accounts for invoices paid are recorded in the accounts payable debit column of the cash payments journal. 15. Comparing the purchase order with the receiving report will show that all the goods ordered actually arrived and that all goods that arrived were actually ordered. 16. The total of the accounts payable column in the cash payments journal is posted at the end of the month as a debit to accounts payable and a credit to cash. 17. When customers are allowed to return merchandise for credit to their accounts, these transactions are recorded in the general journal. 18. A check register is used to record all expenditures. 19. The voucher register is a substitute for a sales journal. 20. The voucher register takes the place of the cash payments journal.9-24 | Basic Financial Accounting and Reporting by Prof. WIN Ballada NA NAME: SCORE : SE SECTION: PROFESSOR: Mat Matching Type Sper A list of terms and related statements appear below. From the list of terms, select the one that relates to each statement. A. Special Journals G. General Ledger B. Accounts Receivable Ledger H. Accounts Payable Ledger C. General Journal 1. Chart of Accounts D. Cash Payments Journal J. Purchases Journal E. Cash Receipts Journal K. Sales Journal Re F . Controlling Account L. Subsidiary . Ledger 1. 1. Journals designed in a tabular fashion to accommodate the recording of specific UID WN types of similar transactions. 2. A journal containing transactions that cannot be appropriately recorded in a special 6 . journal. 3. The principal ledger containing all of the balance sheet and income statement 60 00 accounts. 4. A group of accounts containing customer names. 10 5. A general ledger account which is supported by information in a subsidiary ledger. 6. A supplementary record used to provide detailed information for a control account in the general ledger. 7. A special journal used exclusively for recording sales of merchandise on account. 8. A special journal used to record cash receipts. 9. A special journal used for recording all items purchased on account. 10. A special journal used for recording all cash payments.Special and Combination Journals, and Voucher System | 9-27 infrequent sales returns would be recorded in which journal? a. cash payments cash receipts C. general d. sales returns 9. The individual amounts in the accounts payable column of the purchases journal are posted to the appropriate account in the a. accounts payable ledger. accounts receivable ledger. c. general journal. d. general ledger. 10. The controlling account in the general ledger that summarizes the individual accounts with creditors in a subsidiary ledger is called a. accounts payable. b. accounts receivable. c. purchases. d. sales returns and allowances. 11. if a firm uses special journals, in which journal would the sale of merchandise for cash be recorded? a. cash disbursements journal c. general journal b. cash receipts journal d. sales journal 12. A firm that uses special journals acquired merchandise for P5,000, giving a P5,000 note payable. In which journal would the transaction be recorded? a. cash disbursements journal c. general journal b. cash receipts journal d. purchases journal 13. A special journal contained columns for cash, purchases discounts, and accounts payable. This journal is a. a cash disbursements journal. c. a purchases journal. b. a cash receipts journal. d. a sales journal. 14. Which of the following is true of a voucher system? a. All major expenditures, including cash transactions for payment of rent and utilities expense, would first be credited to vouchers payable before payment is made. b. The check register replaces the cash receipts journal. C. The voucher register contains a debit column for vouchers payable. d. Transactions are first entered in the check register, and later, when payment is made, in the voucher register. When merchandise is returned or a price adjustment is granted, an entry is made in the C. general journal. a. adjustments journal. d. purchases journal. b. cash receipts journal