WorksheetsFinacre - PQ2
Total questions: 15
Worksheet time: 4mins
Which of the following statements is correct?
The sales discount column is included in the cash receipts journal
The purchases journal records all purchases of merchandise whether for cash or on account
The cash receipts journal records sales on account
Merchandise returned by the buyer is recorded by the seller in the purchases journal
When special journals are used:
all purchase transactions are recorded in the purchases journal
all cash received, except from cash sales, is recorded in the cash receipts journal
all cash disbursements are recorded in the cash payments journal
a general journal is not necessary
If a customer returns goods for credit, an entry is normally made in the
cash payments journal
sales journal
general journal
cash receipts journal
Supplies were purchased on credit and the entry was recorded in the Purchases Journal. When a part of this supply purchase is returned to the vendor, the entry to record the return will be in the general journal. What will be the journal entry for this return?
debit Cash and credit Supplies
debit Supplies and credit Accounts Receivable
debit Accounts Payable and credit Supplies
debit Supplies and credit Cash
When special journals are used, a General Journal is
still required
not needed
used only to record sales returns and allowances
used only to record cash deposits of owner investments
Which of the following statements is false with regard to a Cash Receipts Journal?
All receipts of cash from customers should be recorded in it
Receipts of cash from the owner should not be recorded in it
Receipt of cash from cash sales should be recorded in it
Receipt of cash from borrowing should be recorded in it
In which special journal should the following transaction be recorded: Services are purchased on account?
Sales journal
Purchases journal
Cash receipts journal
Cash disbursements journal
In which special journal should the following transaction be recorded: Cash collected from credit account customer?
Sales journal
Purchases journal
Cash receipts journal
Cash disbursements journal
In which special journal should the following transaction be recorded: Cash purchase of equipment?
Sales journal
Purchases journal
Cash receipts journal
Cash disbursements journal
In which journal should the following transaction be recorded: Adjusted prepaid insurance account at end of accounting period?
Sales journal
Purchases journal
Cash receipts journal
General Journal
The depreciation of buildings shall be recorded in the
Sales journal
Purchases journal
Cash receipts journal
General Journal
Rare transactions which do not fall within the scope of special journals are recorded in the
Subsidiary Ledger
General Journal
Worksheet
Trial balance
Cash sales are recorded in the sales journal.
True
False
A ____, which simplifies the journalizing and posting process, has special columns that are used for recording specific types of business transactions
General Journal
Subsidiary Ledger
General Ledger
Special Journal
Most transactions recorded in the cash receipts journal result in a debit to Accounts Receivable and a credit to Cash.
True
False
