Unit 9 Quiz Review

When is revenue recorded from the sale of merchandise?

• Date of payment
• When cash is received
• The day of the sale
• When a credit card is used

Sales Tax Payable decreases as a

• Debit
• Credit

Transaction: Received cash for credit card sales $550, plus sales tax $33; total $583.

Given the transaction above, what amount is debited to cash?

Accounts Receivable increases as a

• Debit
• Credit

When a sale on account is recorded, what is written in the Account Debited column?

• Name of customer
• a Checkmark

• Sales Return & Allowance

What is the source document for the transaction, sale on account?

• Sales Invoice
• Credit Memo

• Receipt

• Memo

What two accounts are affected when receiving cash on account?

• Cash Debit and Accounts Receivable Credit
• Cash Debit and Accounts Receivable Debit

• Cash Debit and Sales Discount Credit

• Cash Debit and Sales Credit

What is the source document for recording a sales return and allowance?

• Credit Memorandum
• Sales Invoice

• Receipt

• Memorandum