WorksheetsChapter 10: Accounting for Sales and Cash Receipts
Total questions: 15
Worksheet time: 15mins
Selling merchandise on account will be recorded in the
Sales Journal
Cash Receipts Journal
Cash Payment Journal
Purchases Journal
When a transaction is recorded within the sales journal, which account is not affected?
Sales Tax Payable Account
Sales Account
Accounts Receivable Account
Cash Account
What is the cash receipts journal used for?
Journalize the receipt of an accounts receivable
journalize the payment of an accounts payable
journalizing supplies expense
journalize the payment for insurance
What is the controlling account for a company's customers?
Subsidiary ledger
General Ledger
Accounts Receivable
Markup Ledger
At the end of the month, which of the following will you complete first within the special journal?
Posting
Totaling
Proving
Ruling
Within Accounting, POS refers to
Piece of Schedules
Point of Signal
Place of Sale
Point of Sale
Which journal is used to record cash and credit card sales?
Purchases Journal
Sales Journal
Cash Payment Journal
Cash Receipts Journal
When recording cash and credit card sales, what do you enter in the account title column?
Company name
Customer name
Check mark
Question mark
What is created at the end of the month to match the controlling account to its subsidiary accounts?
Schedule of Accounts Payable
Schedule of Accounts Receivable
Schedule of Customer Receipts
Schedule of Net Sales
What is the source document for all sale on account transactions?
Purchases invoice
Receipt
Sales invoice
Memorandum
Every business collecting a sales tax needs accurate records of what two amounts?
Total sales and total sales tax
Total sales and total sales discounts
Total sales discounts and total sales tax
Total cash and total sales discounts
What is the source document for cash and credit card sales of a merchandising business?
Calculator tape
Receipt
Terminal summary
Memorandum
What is the source document when cash is received on account?
Receipt
Sales invoice
Memorandum
Terminal summary
The account Sales Discount is classified as a(n) __ with a normal balance side of a __.
Contra Asset; debit
Contra Sales; debit
Contra Sales; credit
Contra Asset; credit
When proving cash, where is the beginning balance of the Cash account found?
Cash debit column total of the Cash Receipts Journal
Cash credit column of the Cash Payments Journal
On the last check stub in the checkbook
From the Cash account balance is the General Ledger at the start of the month
