Accounting Chapter 10

Selling merchandise on account will be recorded in the

• Sales Journal

• Cash Receipts Journal

• Cash Payments Journal

• Purchasing Journal

When a transaction is recorded within the sales journal, which account is NOT affected?

• Sales Discount Account

• Sales Account

• Accounts Receivable Account

• Cash Account

What is the Cash Receipts Journal used for?

• Journalize the receipt of an Accounts Receivable

• Journalize the payment of an Accounts Payable

• Journalizing supplies expense

• Journalize the payment for insurance.

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

• Subsidiary ledger

• Accounts Receivable

• Ledger

• Markup Ledger

A tax on a sale of merchandise or services is called

• Sales Option Tax

• Wheel Tax

• Sales Tax

• Capital Gains Tax

At the end of the month, which of the following will you complete first within the special journals?

• Posting

• Totaling

• Proving

• Ruling

Within Accounting, the POS also refers to...

• Piece of Schukles

• Point of Signal

• Place of Sale

• Point of Sale

Which journal is used to record cash and credit card sales

• Cash Receipts Journal

• Sales Journal

• General Journal

• Purchasing Journal

A report of credit card sales produced by a POS terminal is called a

• Cash Out

• Batching out

• Batch report

• Cash Receipt

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

• Company name

• Customer name

• (Balance)

• Check mark