(Deduct 1.5 points for each incorrect answer) II. TRUE OR FALSE QUESTIONS T F 1. The use of special journals creates additional posting and causes the entries to become more difficult. T F 2. Transactions that are similar in type and recorded frequently are likely to have a special journal. T F 3. Each special journal allows for a wide variety of transactions. T F 4. Special journals enable a substantial time savings and make for more efficient posting process. T F 5. The sales journal can be used to enter any kind of sales, including cash sales and sales on account. T F 6. A purchases journal is a special journal used to record purchases for cash and on account. T F 7. At the end of the month, the columns of the cash payments journal must be totaled and ruled, and total debits and credits are verified to see that they are equal. T F 8. If a buyer is given an allowance for damaged merchandise, an entry is required in the purchases journal. T F 9. If goods are shipped FOB destination, the buyer should include these items in inventory. T F 10. Merchandise inventory at the beginning of the period - purchases + merchandise inventory at the end of the period = the cost of goods sold for the period