Question 1

Mr Y Smith a client of HS Stores settled his account of R3 000 by an electronic funds transfer into the business bank account of HS Stores. What is the source document for this transaction?

A. duplicate receipt

B. bank statement of HS Stores

C. duplicate credit sales invoice

D. cash register roll

E. cheque counterfoil

Question 2

HS Stores incurred transportation costs for the delivery of inventory to TY Dealers for R350. HS Stores made an EFT payment to the bank account of Lizzie Transporters. In which journal will the bookkeeper of HS Stores record the transaction for the carriage/freight charges on sales of R350?

A. Cash receipts journal

B. General journal

C. Purchases journal

D. Cash payments journal

E. Purchases returns journal

Question 3

The total of the sales returns column in the sales returns journal will be posted to the in the general ledger.

A. debit side of the trade receivables control

B. debit side of the sales returns account

C. debit side of the credit losses account

D. credit side of the credit losses account

E. credit side of the sales returns account

Question 4

The total of the settlement discount granted column in the cash receipts journal will posted to the in the general ledger.

A. credit side of the settlement discount granted account

B. debit side of the settlement discount granted account

C. credit side of the credit losses account

D. credit side of the sales returns account

E. debit side of the sales returns account

Question 5

Which of the following will be considered as the source document for recording transactions in the cash receipts journal?

A. Duplicate debit note

B. Cheque counterfoils

C. Duplicate credit note

D. Original credit note

E. Bank statement