Chapter 10: Accounting for Sales and Cash Receipts

Selling merchandise on account will be recorded in the

• Sales Journal

• Cash Receipts Journal

• Cash Payment Journal

• Purchases Journal

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

• Sales Tax Payable 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

• General Ledger

• Accounts Receivable

• Markup Ledger

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

• Posting

• Totaling

• Proving

• Ruling

Within Accounting, POS refers to

• Piece of Schedules

• Point of Signal

• Place of Sale

• Point of Sale

Which journal is used to record cash and credit card sales?

• Purchases Journal

• Sales Journal

• Cash Payment Journal

• Cash Receipts Journal

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

• Company name

• Customer name

• Check mark

• Question mark

What is created at the end of the month to match the controlling account to its subsidiary accounts?

• Schedule of Accounts Payable

• Schedule of Accounts Receivable

• Schedule of Customer Receipts

• Schedule of Net Sales

What is the source document for all sale on account transactions?

• Purchases invoice

• Receipt

• Sales invoice

• Memorandum