Accounting Chapter 16 Review

The value of the merchandise sold is recorded in the sales journal in the ____.

• Sales Tax Payable Credit column

• Customer's Account Debited column

• Sales Credit Column

• Accounts Receivable Debit column

Journal entries should be posted from the Accounts Receivable Debit column in the sales journal to the customers' accounts ____.

• quarterly

• daily

• yearly

• monthly

The number of postings from the sales journal to the general ledger depends upon ____.

• the number of charge customers affected by each transaction

• the balance of the charge customers' accounts

• the number of special amount columns in the sales journal

• .the dates of the transactions

If a charge customer owes $600 and is given a 3 percent cash discount of $18, the amount to be recorded in Accounts Receivable Credit column of the cash receipts journal is ____.

• $18

• $582

• $600

• $618

Every transaction recorded in the cash receipts journal requires ____.

• a credit to Accounts Receivable

• a debit to Cash in the Bank

• a credit to Cash in the Bank

• a debit to Accounts Receivable

The totals of the special amount columns in the sales journal and the cash receipts journal are posted ____.

• at the end of the month

• at the end of the week

• once every two weeks

• on a daily basis

Special journals ____.

• simplify the posting process

• simplify the recording process

• organize a business's transactions

• all of the above