ACC1018

What is the third step in the accounting cycle of credit purchases of items?  

• Creditors Journal

• Posting to the General Ledger and Creditors Ledger

• Trial Balance

• Source document namely invoice

If you post a column total of a journal to the General ledger is must be on the last day of the month?

• True

• False

How are you going to post the following transaction to the General Ledger?

Received invoice from O'Neal Repairs for repairs to the vehicle, R17 500.

• Debit Vehicles; Credit Bank R17 500

• Debit Vehicles; Credit Creditors Control R17 500

• Debit Repairs; Credit Bank R17 500

• Debit Repairs; Credit Creditors Control R17 500

Credit purchases are recorded in the …

• CRJ

• CPJ

• DJ

• CJ

When the owner takes cash for his own use, the procedure is to credit Bank and debit ..

• Capital

• Drawings

• Sales

• Cost of Sales