Acct Ch 11

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

• True

• False

A general journal entry posted to Accounts Payable will also be posted to a subsidiary ledger account.

• True

• False

Credit allowed for part of the purchase price of merchandise that is not returned results in an increase in the customer’s account.

• True

• False

A debit memorandum prepared by a customer results in the customer recording a debit to the vendor account.

• True

• False

An entry recorded in a general journal will either increase all accounts or decrease all accounts affected by the entry.

• True

• False

The normal account balance of Purchases Returns and Allowances is a debit.

• True

• False

An entry in the general journal that affects Accounts Payable also affects a vendor’s account in the accounts payable ledger.

• True

• False

In a computerized accounting system, transactions recorded in a general journal are posted immediately after they are entered.

• True

• False

A completed general journal page should always be reviewed to be sure that all postings have been made.

• True

• False

A credit memorandum issued by a vendor results in the vendor recording a debit to the customer’s account.

• True

• False