F3 TRUE FALSE

The sales return day book is the book of prime entry for credit sales

• T

• F

The journal records all bank and cash transactions

• T

• F

An invoice is raised by the business in order to confirm the amount not yet paid

• T

• F

Cash book is the book of original entry for cash receipts and disbursements.

• T

• F

A debit note is in effect a request for a credit note

• T

• F

A debit records a decrease in liabilities or an increase in assets

• T

• F

Credits increase liability, equity, and expense account

• T

• F

Sales transactions are recorded in the sales day book

• T

• F

The sales return day book is a chronological list of the issued credit notes

• T

• F

Trade accounts payable and Trade accounts receivable are liabilities

• T

• F