Accounting Ch 11

Transactions that cannot be recorded in a special journal are recorded in the general journal

• True

• False

An entry recorded in a general journal will either increase all accounts or decrease all accounts

• True

• False

The normal balance of purchases returns and allowances is a debit

• True

• False

The normal balance of sales returns and allowances is a debit

• True

• False

All corporations are required declare dividends

• True

• False

The stockholder’s equity account, dividends, has a normal debit balance.

• True

• False

Bought office supplies on account

• Debit Accounts payable, credit supplies

• credit accounts payable, debit supplies

• debit supplies, credit cash

• debit accounts payable, credit cash

Returned merchandise

• Debit accounts payable, credit purchases returns and allowances

• Credit accounts payable, debit purchases returns and allowances

• debit cash, credit accounts payable

• credit cash, debit accounts payable

Granted credit for merchandise returned plus sales tax

• Debit sales returns and allowances and sales tax payable, credit accounts receivable

• debit accounts receivable, credit sales returns and allowances and sales tax payable

• debit sales, credit accounts receivable

• credit sales, debit accounts receivable

The board of directors declared a quarterly dividend

• Debit cash, credit dividends

• Debit dividends, credit dividends payable

• credit cash, debit dividends payable

• debit dividends payable, credit cash