Chapter 16 - Special Journals: Sales and Cash Receipts

Front

What is the journal entry for Down the River Canoe to record the sale of merchandise for cash to Low Rent Tours for $150, plus sales tax of $11?

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debit Cash, $161; credit Sales, $150, Sales Tax Payable, $11.

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What is the journal entry for Quick Supply to record the sale of office supplies for $45 plus sales tax of $3 to Jet Set Travel?

Back

debit Cash, $48; credit Sales, $45, Sales Tax Payable, $3.

Front

Food Supply received $320 cash from Pancake Hut for payment on account. What is the journal entry to record this transaction? Options: debit Accounts Receivable/Pancake Hut, $320; credit Cash, $320.; debit Cash, $320; credit Accounts Receivable/Pancake Hut, $320.; debit Sales, $320; credit Accounts Receivable/Pancake Hut, $320.; debit Accounts Receivable/Pancake Hut, $320; credit Sales, $320.

Back

debit Cash, $320; credit Accounts Receivable/Pancake Hut, $320.

Front

Selling merchandise on account will be recorded in the

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Sales Journal

Front

When a transaction is recorded within the sales journal, which account is not affected? Options: Sales Discount Account, Sales Account, Accounts Receivable Account, Cash Account

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Cash Account

Front

What is the cash receipts journal used for?

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Journalize the receipt of an accounts receivable

Front

What is the controlling account for a company's customers?

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Accounts Receivable

Front

At the end of the month, which of the following will you complete first within the special journal? Posting, Totaling, Proving, Ruling

Back

Totaling

Front

Which journal is used to record cash and credit card sales? Options: Purchases Journal, Sales Journal, Cash Payment Journal, Cash Receipts Journal

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Cash Receipts Journal

Front

When recording cash and credit card sales, what do you enter in the account title column?

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