21 a company has four vendors and the accounts payable subsidiary ledger shows the f 4306353

21 a company has four vendors and the accounts payable subsidiary ledger shows the f 4306353

21) A company has four vendors and the accounts payable subsidiary ledger shows the following balances.

Alpha

$275,821

Beta

143,474

Gamma

78,943

Delta

34,187

Calculate the accounts payable balance in the general ledger.

A) $419,295

B) $532,425

C) $275,821

D) $256,604

22) Which of the following is true of a sales journal?

A) It is a special journal used to record all the cash sales.

B) It is used to record the sales of capital assets such as buildings.

C) It is a special journal used to record credit sales.

D) It is a general journal that is used to record the adjustments in revenue account.

23) The sale of merchandise inventory for cash is recorded in the ________.

A) general journal

B) cash receipts journal

C) sales journal

D) accounts receivable journal

24) The credit sales of assets that occur infrequently, such as buildings, are recorded in the ________.

A) sales journal

B) cash receipts journal

C) accounts receivable journal

D) general journal

25) Centium Corporation sold goods to John Dunn for $1,000 on credit. Cost of goods sold was $745. Assuming that the firm is following a perpetual inventory system and using a sales journal, it will record $745 in the ________.

A) Accounts Receivable DR, Sales Revenue CR column

B) Cost of Goods Sold CR, Merchandise Inventory DR column

C) Cost of Goods Sold DR, Merchandise Inventory CR column

D) Sales Revenue DR, Accounts Receivable CR column

26) MultiMet Corporation sold merchandise for $4,450 to Simpsons Inc. on credit. The cost of goods sold was $1,185. Assuming that the firm is following a perpetual inventory system, it will record $4,450 in the ________.

A) general journal

B) Accounts Receivable DR, Sales Revenue CR column of the sales journal

C) Merchandise Inventory DR column of the purchases journal

D) Accounts Receivable CR column of cash receipts journal

27) Hexagon Corporation sold a product on credit for $2,235 to Merin Lynch. The cost of goods sold was $1,324. Assuming that the firm is following a perpetual inventory system and using a sales journal, it will record $2,235 in the ________.

A) Accounts Receivable CR, Sales Revenue DR column

B) Cost of Goods Sold DR, Merchandise Inventory CR column

C) Merchandise Inventory DR, Cost of Goods Sold CR column

D) Accounts Receivable DR, Sales Revenue CR column

28) Tangent Corporation sold a product for $7,150 to Michael Cardon on credit. The cost of goods sold is $5,650.Assuming that the firm is following a perpetual inventory system and using a sales journal, it will record $5,650 in the ________.

A) Accounts Receivable DR, Sales Revenue CR column

B) Cost of Goods Sold DR, Merchandise Inventory CR column

C) Merchandise Inventory DR, Cost of Goods Sold CR column

D) Sales Revenue DR, Accounts Receivable CR column

29) Which of the following is true of a sales journal prepared under the perpetual inventory system?

A) It includes a Cost of Goods Sold DR, Merchandise Inventory CR column.

B) It records both cash and credit sales transactions.

C) All transactions recorded in a sales journal are also entered in the general journal.

D) It cannot be used with a perpetual inventory system.

30) If a business uses the periodic inventory system, the sales journal will ________.

A) record both the cash and credit sales

B) include a Purchase DR and Account Receivable CR column

C) exclude the Accounts Receivable DR and Sales Revenue CR column

D) exclude the Cost of Goods Sold DR and Merchandise Inventory CR column

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