Accounting System

A purchase of supplies for cash is recorded in the

• cash payments journal

• cash receipts journal

• purchases journal

• revenue journal

A purchase of supplies on account is recorded in the

• revenue journal

• general journal

• purchases journal

• cash payments journal

Which of the following transactions is recorded in the purchases journal?

• purchase of store supplies on account

• purchase of store supplies for cash

• purchase of office equipment for cash

• return of damaged office equipment

Which of the following is recorded in the cash receipts journal?

• cash withdrawn by the owner

• cash purchase of equipment

• cash received on customer's account

• adjusting entry for depreciation

Services performed for cash should be recorded in the

• revenue journal

• purchases journal

• cash receipts journal

• cash payments journal

Which of the following is not considered a special journal?

• purchases journal

• cash receipts journal

• general journal

• cash payments journal

Which of the following general ledger accounts normally has a subsidiary ledger?

• Capital Stock

• Supplies

• Retained Earnings

• Accounts Payable

Once an accounting system has been implemented, feedback will be used to continuously analyze and improve the system.

• True

• False

In computerized accounting systems, reports may be generated at any time.

• True

• False

Beachside Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal in its operations.  If the company records the cash sale of food for $18, which is the correct entry?

• Cash Cr., $18; Food Revenue Dr., $18

• Cash Dr., $18; Food Revenue Dr., $18

• Cash Dr., $18; Food Revenue Cr., $18

• Cash Cr., $18; Food Revenue Cr., $18