MULTIPLE CHOICE 1. The entries in a purchases journal are posted to which of the following subsidiary ledger? A. Accounts Receivable B. Sales C. Purchases D. Accounts payable

Identify Postings from Purchases Journal Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required: PURCHASES JOURNAL Page 49 Date Account Credited Post.Ref. AccountsPayableCr. StoreSuppliesDr. OfficeSuppliesDr. OtherAccountsDr. Post.Ref. Amount 20Y9                   Jan. 4 Coastal Equipment Co. (a) 5,325           Warehouse Equipment (g) 5,325 Jan. 6 Arrow Supply Co. (b) 4,000       4,000         Jan. 9 Valley Products (c) 1,875   1,600   275         Jan. 14 Office Warehouse (d) 2,200           Office Equipment (h) 2,200 Jan. 20 Office Warehouse (e) 6,000           Store Equipment (i) 6,000 Jan. 25 Metro Supply Co. (f) 2,740   2,740             Jan. 30     22,140   4,340   4,275       13,525       (j)   (k)   (l)       (m)   Post reference represents: a.   b.   c.…

Match each of the numbered descriptions with the term, title, or phrase that it best reflects. Indicate your answer by entering the letter A through J in the blank provided. A. General journal B. Special journal C. Subsidiary ledger D. Accounts receivable ledger E. Accounts payable ledger F. Controlling account G. Sales journal H. Cash receipts journal I. Purchases journal J. Cash payments journal 1. Used to record all cash payments. 2. Used to record all credit purchases. 3. Used to record all receipts of cash. 4. Used to record sales of inventory on credit. 5. Stores transaction data of individual customers. 6. Stores transaction data of individual suppliers. 7. Account that is said to control a specific subsidiary ledger. 8. Contains detailed information on a specific account from the general ledger. 9. Used to record and post transactions of similar type. 10. All-purpose journal in which any transaction can be recorded.

Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None And using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks. • On Jun.…

Recording revenue when you have completed a sale of merchandise the way we are doing it is A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entry