multiple choice question When special journals are used, a General Journal is still required not required. used only to record sales returns and allowances. used only to record cash deposits of owner investments
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multiple choice question
- When special journals are used, a General Journal is
- still required
- not required.
- used only to record sales returns and allowances.
- used only to record cash deposits of owner investments
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- The book of original entry that will accommodate entries which cannot be appropriately recorded in any of the special journals is A. Cash Receipts Journal B. Cash Payments Journal C. Purchases Journal D. General JournalWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank chargesWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
- Which of the following would not be an appropriate heading for a column in the cash receipts journal? Select one: A. Sales B. Cash C. Creditors D. Discount allowedmultiple choice question Which of the following statements is false with regard to a Cash Receipts Journal?: All receipts of cash from customers should be recorded in it Receipts of cash from the owner should not be recorded in it Receipt of cash from cash sales should be recorded in it. 4.Receipt of cash from borrowing should be recorded in itWhich record is not usually maintained under the single entry bookkeeping system? a. cash book b. general journal c. Accounts receivable subsidiary ledger d. property subsidiary ledger e. answer not given
- The Write Checks window can be used to pay expenses such as rent, utilities, and insurance. Group of answer choices True FalseWhich is false concerning use of special journals? Select one: a. Purchase of any items on account are recorded in the purchases journal. Acquisitions of any items for cash are recorded in the cash disbursements journal. b. Transactions that cannot be appropriately recorded in a special journal are recorded in the general journal. c. Only cash purchases are recorded in the cash disbursements journal. d. Only sales of merchandise on account are recorded in the sales journal. Cash sales are recorded in the cash receipts journal.1. The entries to adjust, close and reverse the books of accounts are appropriately recorded in which of the following journals? A. cash receipts journal B. cash disbursements journal C. sales journal D. general journal 2. A check mark below the columnar totals of any special journal is an indication that A. no posting is necessary anymore B. totals are posted already C. posting is optional D. the total is correct 3. Which of the following statements is correct? A. Special journal are designed for business with large volume of transactions. B. Special journals are costly and time-consuming to maintain C. Special journals are used simultaneously with general journals D. Choices a and c. 4. Purchase of merchandise on account with downpayment shall be recorded in A. SJ and CRJ В. GJ C. PJ and CDJ D. GJ and PJ 5. Which of the following is not a special-purpose journal? A. SJ В. GJ С. CRJ D. CDJ
- Identifying special journals Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR = Cash receipts journal P = Purchases journal CP = Cash payments journal Transactions: _____ a. Cash purchase of merchandise inventory _____ b. Collection of dividend revenue earned on an investment _____ c. Prepayment of insurance _____ d. Borrowing money on a long-term note payable _____ e. Purchase of equipment on account _____ f. Cost of goods sold along with a credit sale _____ g. Cash sale of merchandise inventory _____ h. Payment of rent _____ i. Depreciation of computer equipment _____ j. Purchase of merchandise inventory on account _____ k. Collection of accounts receivable _____ l. Expiration of prepaid insurance _____ m. Sale on account _____ n. Payment on accountMatch the terms with the definitions. A journal designed for recording only certain kinds of transactions. A special journal used to record only transactions involving the receipt of cash. A special journal used to record only sales on account. A special journal used to record transactions involving the payment of cash. A special journal used to record only purchases of merchandise on account. a. cash payments journal b. cash receipts journal c. sales journal d. special journal e. purchases journalA journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
