Question
XYZ Motors makes a sale of $15,600 on account. The sales tax rate is 8%. What is the amount debited to Accounts Receivable in the
XYZ Motors makes a sale of $15,600 on account. The sales tax rate is 8%. What is the amount debited to Accounts Receivable in the general journal on the sale of merchandise?
a.$14,352
b.$1,248
c.$16,848
d.$15,600
The accounts payable ledger has postings from which of the following sets of journals?
a.Purchases, cash payments, and general
b.Purchases and sales
c.Purchases, cash receipts, and general
d.Sales and cash payments
e.Cash payments and sales
Which of the following is an example of good internal controls over purchases?
a.Purchases are made only after proper authorization is given.
b.Payment for purchases should be based on the purchase order only.
c.The person who orders should be authorized for payment.
d.The person who writes the check should be involved in the foregoing purchasing procedures.
PLZ ANSWER ALL THE QUESTIONS.
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