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WorksheetsChapter 17 - Special Journals: Purchases and Cash Payments
Total questions: 19
Worksheet time: 10mins
Goods that a business purchases in order to sell.
merchandise
vendor
services
supplies
Accounts Payable are ____________.
customers
vendors
An account in a general ledger that summarizes all accounts in a subsidiary ledger.
contra account
controlling account
charter
stocks
A special journal used to record only purchases of merchandise on account.
cash payments
general
sales
purchases
2/10, n30 means....
the bill is due in 2 days
2% discount if paid within 30 days
10% discount if paid in 2 days, net due 30 days
2% discount if paid in 10 days, net due 30 days
A special journal used to record only cash payment transactions.
sales
purchases
cash payments
cash receipts
An account that reduces a related account on a financial statement.
debit
credit
contra
controlling
A list of vendor accounts, account balances, and the total amount due to all vendors.
Schedule of Accounts Payable
Schedule of Accounts Receivable
Trial Balance
Work Sheet
Purchases is a _________ account.
sales
liability
subsidiary
cost
Supplies bought for use in a business are recorded in the
Supplies Expense account
Supplies account
Purchases account
Cash account
An employee working with an account can trace a transaction back to the correct journal by using information in the
Post. Ref. column
Item column
Purch. No. column
Vendor column
What is the source document for merchandise purchased on account?
Check
Purchase invoice
Memorandum
Receipt
What is the source document when merchandise is purchased for cash?
Check
Purchase invoice
Memorandum
Receipt
What is the source document when a business pays for advertising?
Check
Purchase invoice
Memorandum
Receipt
Purchases is classified as a(n) __ account.
expense
cost of merchandise
liability
asset
Purchases of Merchandise on credit are recorded in the
Sales Journal
Purchases Journal
Cash Receipts Journal
Cash Payments Journal
General Journal
A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
accounts payable ledger
accounts payable account
accounts receivable ledger
accounts receivable account
A listing of vendor accounts, accounts balances, and total amount due all vendors.
controlling account
subsidiary ledger
schedule of accounts receivable
schedule of accounts payable
What is the corresponding journal entry of the transaction?
Purchased merchandise on account costing Php 10,000 from Indian Palace. Term: 2/10, N/30.
Debit: Accounts Receivable, Credit: Sales
Debit: Purchases, Credit: Accounts Payable
Debit: Accounts Payable, Credit: Purchases
Debit: Accounts Payable, Credit: Purchase Discount
