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WorksheetsLesson 9-5 & 10-1 Quizziz
Total questions: 7
Worksheet time: 4mins
In which column of the cash payments journal are the amounts that are posted individually to the accounts payable ledger?
Accounts Payable Debit
Accounts Payable Credit
Cash Credit
Purchases Discount Debit
When ruling a cash payments journal at the end of the month, you need to make sure that...
The debits and credits must equal
You're using a black or blue ink pen when ruling
None of the above
Each column must be totaled correctly
What is the relationship between a controlling account and a subsidiary ledger?
There is no relationship between the two
The subsidiary ledger and the controlling account balances should be the same
A controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger
A controlling account balance in a general ledger should NOT equal the sum of all the account balances in a subsidiary ledger
How are selling price and markup related?
They are the same amount the business receives in revenue as a result of selling the merchandise
Markup is the amount added to the cost of merchandise to set the selling price
Markup is the amount subtracted from the cost of merchandise to set the selling price
They are not related
What column on a general ledger form is not on an accounts receivable ledger form?
Debit Balance
Total amount owed by the customer
Date
Credit Balance
What is the title of the general ledger account used to summarize the total amount due from all charge customers?
Customer Name
Accounts Receivable
Sales Credit
Vendor
Why is sales tax collected considered a liability?
The amount of sales tax collected is a business liability until paid to the government
It is something the business owes
Businesses enjoy taking more money out of its customers' pockets in order to fund for other matters
It is not a liability
