Instruction: Encircle the letter of your choice. 1. A journal designed for entering only sales on account is called the a. cash receipts journal. b. cash payments journal. c. sales journal. d. general journal. 2. From the viewpoint of the buyer, a business form prepared by the seller that lists the items shipped, their cost, and the shipping terms is a(n) a. purchase requisition. b. purchase order. c. sales requisition. d. invoice. 3. A one-column sales journal may be used to record a. sales of supplies on account. b. sales of goods on account. c. sales of goods for cash. d. collections on account. 4. A sales journal will be used for: Sales Credit Sales Cash Sales Discounts a. No Yes Yes b. Yes No Yes C. Yes No No d. Yes Yes No16. A journal designed for entering only cash receipts is called the a. cash receipts journal. b. sales journal. c. cash payments journal. d. general journal. 17. For the merchant, bank credit card sales are treated in a manner similar to a. sales on account. b. cash sales. c. installment sales. d. layaway sales. 18. A record used to keep the amount owed to each supplier is called a(n) a. accounts receivable ledger. b. accounts payable ledger. c. transportation ledger. d. general ledger for accounts payable. 19. After the posting of the accounts payable ledger and general ledger is completed, the total of the accounts payable ledger balances should equal the general ledger balance of a. Purchases. b. Accounts Receivable. c. Accounts Payable. d. Purchases Returns and Allowances. 20. Amounts are posted individually from the purchases journal to the a. Credit column of the creditors' accounts in the accounts payable ledger. b. Credit column of the Inventory account in the general ledger. c. Credit column of the Accounts Receivable account in the general ledger. d. Debit column of the Cash account in the general ledger.11. After posting is completed in the accounts receivable ledger and the general ledger, the total of the accounts receivable ledger balances should equal the a. accounts payable account balance. b. accounts receivable account balance. c. cash account balance. d. net income amount. 12. With a special journal, summary postings of column totals are made to appropriate accounts a. monthly. b. daily. c. yearly. d. on a periodic basis. 13. The purpose of an accounts receivable ledger is a. to provide information for customers who call. b. to provide detailed information to management concerning Accounts Receivable accounts. C. to provide information to be used in preparing a schedule of accounts receivable. d. all of these. 14. The account that is credited for every transaction in the purchases journal is a. Cash. b. Purchases Discounts. C. Accounts Receivable. d. Accounts Payable.6. At the beginning of the month, the accounts receivable subsidiary ledger showed balances for Apple Company P5,000 and Berry Company P7,000. During the month, credit sales were made to Apple P6,000, Berry P4,500, and Cantaloupe P8,500. Cash was collected on account from Berry P11,500 and Cantaloupe P3,000. At the end of the month, the control account. Accounts Receivable in the general ledger should have a balance of: a: P11,000 b. P12,000 C. P16,500. d. P31,000. 7. Summary posting from the sales journal normally would be completed in which of the following orders? a. Accounts Receivable, Sales, and Sales Tax Payable columns b. Sales Tax Payable, Sales, and Accounts Receivable columns c. Sales, Sales Tax Payable, and Accounts Receivable columns d. Accounts Receivable, Sales Tax Payable, and Sales columns 8. Customers' individual accounts are included in a subsidiary ledger referred to as the a. accounts payable ledger. b. controlling ledger. c. miscellaneous ledger. d. accounts receivable ledger. 9. The entries in the sales journal must also be posted individually to the a. Accounts Receivable and Sales accounts. b. Accounts Receivable ledger. C. Accounts Receivable controlling account. d. accounts payable ledger
