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PARTI: Multiple Choice questions (44) Choose the correct answer from the list of possible answers of each problem and record it on the answer sheet. 1. 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. COD statement c. purchase order. d. sales requisition envoice 2. A one-column salos journal may be used to record sales of supplies on account. . sales of goods on account . sales of goods for cash. . sales of supplies for cash. e collections on account. 3. Assuming the use of special joumals, the sale of merchandise to Jerri Wiles on account would be recorded in the a sales journal b. accounts receivable journal c. purchases journal. Id cash receipts journal 1. cash payments journal. 4. Customers' individual accounts are included in a subsidiary ledger referred to as the a accounts payable ledger . controlling ledger c. miscellaneous ledger d. accounts receivable ledger. e general ledger 5. The entries in the sales journal must also be posted individually to the la Accounts Receivable and Sales accounts b. Sales account. 16. Accounts Receivable ledger. d. accounts receivable controlling account. e accounts payable ledger. 6. The purpose of an accounts receivable ledger is 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. e none of these 7. The total of the customer accounts receivable ledger at the end of the accounting period must equal the total of the 18. creditors' accounts payable ledger. P. Accounts Payable account in the general ledger IS. Accounts Receivable account in the general ledger. la Accounts Receivable Credit column in the cash receipts Journal P. Accounts Receivable Debit column in the cash receipts journal. 8. The schedule of accounts receivable shows a, a list of sales returns for the month. 5. total sales for the month. 12 a list of individual creditors. la a list of individual sales. e. a list of the balances of credit customer accounts 9. The total of the schedule of accounts receivable must equal the total of the sales on account for the month. . the balance of the Accounts Receivable controlling account the total of all sales for the month d. sales on accountless cash sales for the month. le. the balance of the Accounts Payable controlling account. 10. When merchandise previously sold is returned for credit, the journal entry is debit Sales; credit Accounts Receivable. 15. debit Sales Returns and Allowances; credit Accounts Payable e debit Accounts Receivable; credit Sales Returns and Allowances. d. debit Sales Returns and Allowances; credit Accounts Receivable. edebit Accounts Receivable; credit Purchases Discounts -2- 11. Jenny purchases goods for $650 on account. She is later issued a credit memorandum to receive credit for the return of $150 of goods. The balance due is la 315 b so p 365 1. $80 p le. So 12. Zoey Products bought goods from Lily Company. The next day, Zoey Products returned the goods because they had a defect. Zoey Products would record this: a. as a debit memorandum. as a sales memorandum | as a purchase discount as a purchase return. e as an abnormal sale 13. Some of the goods that were previously sold to a customer on account were returned to the seller, and the seller used a form to show the amount and terms of the return. The source document for the journal entry for this return is called a Ia purchase invoice. debit memorandum. | credit memorandum 1. sales invoice e return invoice 14. Amounts are posted individually from the purchases journal to the la credit column of the creditors' accounts in the accounts payable ledger. 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. e. Credit column of the Cash account in the general ledger 15. Entries in the purchases journal are posted to the general ledger only accounts payable ledger only I. accounts payable ledger and the purchases ledger general ledger and the accounts payable ledger e accounts payable ledger and the accounts receivable Jedger 16. The accounts payable ledger has postings from which of the following sets of journals? a. Purchases, cash payments, and general . Purchases, cash receipts, and general 16. Purchases and sales d. Cash payments and sales 12. Sales and cash payments 17. A single summarizing account in the general ledger, representing all the accounts in a particular subsidiary ledger, is referred to as a response account summary account 16. special account pass-through bccount e controlling account 18. At the time a firm adjusts Merchandise Inventory, the income Summary account la contains two closing entries has no balance I. contains an adjusting entry for unearned revenue 12. contains the last fiscal period's adjusting entry for Merchandise Inventory I. pontains an adjusting entry for expired prepaid insurance 19. The Unearned Revenue account would be used when a company 1. pollects cash and earns the revenue in the same fiscal period I. pollects cash and earns the revenue over two fiscal periods. Is pays cash for services not yet eamed. la pays cash for services earned in two fiscal periods. Ile does none of these 20. Unearned Revenue is classified as a[n) Il revenue account expense account I ability account I. contra revenue account. asset account 21. Which of the following does NOT require an adjusting entry? a. Inventory discrepancies .Expired Insurance Collection of money on account 1. Depreciation of Equipment PART 1 Fill out the Forms (36) 1. Place an X in the column that indicates the journal in which each of the following transactions will be recorded in Sales Purchases General item Journal Journal Journal Sold employee refrigerator on account Bought office supplies for cash Sold merchandise for cash Bought office furniture on account Received credit memo for merchandise returned Bought employee refrigerator on account issued credit memo for merchandise returned by customer Recorded and paid month's payroll Paid freight on office furniture 2. For the following account titles, indicate it is used in a periodic, perpetual or both inventory system(s) when journalizing transactions by placing an X in the appropriate column Periodic Perpetual Inventory inventory Account System System Both Sales Freight In Purchase Returns and Allowances d'Accounts Payable Cost of Goods Sold Sales Returns and Allowances Merchandise Inventory Purchases Accounts Receivable PARTI: Answers TRUE OR FALSE (20 Points) Indicate if the following questions are TRUE OF FALSE 1. The time period a customer is granted to pay the bil is the credit period 2 All credit sales should be recorded in the accounts receivable account and the accounts receivable subsidiary ledger 3. Sales Returns and Allowances has a normal debit balance 4. The accounts payable account also has a subsidiary ledger to which customer accounts are individually posted 5. Sales discounts are recorded in the general journal. 6. Accounts receivable and accounts payable are known as controlling accounts 7. A debit memorandum is used to handle customer returns. 8 The discount on an invoice reading $700, 310, n130 paid within 10 days would be $21. Sales Tax Payable is a liability account with a credit balance Net Sales is computed by adding Gross Sales. Sales Discounts, and Sales Returns and Allowances 10