We record a sale on account that involves sales tax in which journal?     cash disbursement journal      sales journal      cash receipts journal      purchase journal

A purchases journal is used to record: O a. purchases of merchandise on account for resale. O b. cash purchases of merchandise. O c. purchases of fixed assets on account. O d. purchases of supplies on account for office use.

The entry to record the sale of goods on account uses a perpetual system and comprises a

Open the following general ledger accounts i) Cost of sales; ii) Trade inventories; and iii) Bank.

In a sales transaction, which of the following is an assertion of existence or occurrence:a. All sales transactions that occur are recordedb. Sales transactions have been recorded at the correct periodc. The sales transaction has been recorded according to the amount that has been sent and the correct amount has been invoicedd. Sales transactions that have been recorded are valid sales to customers

Which of the following accounts is closed by debiting the account? a. Purchases b. Sales returns and allowances c. Transportation in d. Purchase returns and allowances

3. Give at least one example of each Merchandise transaction for a) Receipt b) Sales Invoice (Credit) c) Debit note d) Credit note e) Voucher

Which of the following is the correct journal entry to record a sale to a customer on account?   A) Debit Cash       Credit Sales   B) Debit Sales       Credit Accounts Receivable   C) Debit Accounts Receivable        Credit Cash   D) Debit Accounts Receivable         Credit Sales

For each of the following items, identify whether the item is considered current or noncurrent, andexplain why.

When does a company recognize revenue for a sale of a gift card?