Chapter 9 - Special and Combination Journals and Voucher System

The normal balance of a Sales Return and Allowances is ________ (write in CAPITAL letters)

A special journal that records the sale of merchandise on account is called _____________ (write in CAPITAL letters)

The ______________________ records the receipt of cash from any source. (write in CAPITAL letters)

Purchase discounts is increased by __________ (write in CAPITAL letters)

The controlling account in the general ledger for the accounts payable subsidiary ledger is called

• Accounts Payable

• Accounts Receivable

• Inventory

• Property, Plant and Equipment

The check icon in the reference column indicates that the ___________ has been updated. (write in CAPITAL letters)

All cash payments are recorded in

• Sales Journal

• Purchase Journal

• Cash Receipts Journal

• Cash Disbursements Journal

What is the advantage(s) of using special journals?

F.O.B. shipping point means the _____________ covers the shipping cost.

• Buyer

• Seller

• Buyer and Seller

• None of these

The voucher register is a substitute for a sales journal

• True

• False