Accounting Review Chapter 5 and 6

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A cash payments journal would include

Cash credit column, Accounts payable debit, other Accounts debit column

At the end of the month, the total of the amount column of the revenue journal is posted as a

debit to Accounts Receivable and a credit to Fees earned

A computerized accounting system will not allow which of the following types of naturalizing errors

processing a transaction that has unequal debit and credits

The phase of accounting system installation in which the information needs of people in the organization are taken into account is

analysis

A owner transfer a personal automoblile to the company with a fair market value of $12,000. The entry will be made in the

General Journal

A cash purchase of supplies should be recorded in the

Cash Payments Journal

Each individual enry in the revenue journal is posted

The accounts receivable subsidiary ledger

correct order for processing a sale on account with Quick-books.

1. Record collection of payment by completing a receive payment form. 2. Record the sale by completing an electron invoice form. 3. prepare reports.

Services performed for cash should be recorded

cash receipts journal

which journal would adjusting entries be found

general journal

which journal would you find cash revenues recorded

cash receipts journal

which journal would an adjustment for an overcharge by creditor be recorded

general journal

some of the more common subsidiary ledgers are

accounts receivable and accounts payable subsidiary ledgers

Affter Accounting system has been set up, what is the next step

obtain input from users to analyze and improve the sytem

A purchase of supplies on account is recorded in the

Purchases journal

A recent trend in which the accounting system and data are stored and distributed over the internet by third party is called

cloud software solutions

Subsidiary ledgers

may be used for various general ledger accounts

which of the following is always recorded in the general journal

correction of error in billing client

which journal is the return of supplies purchased on account recorded

general journal

In which journal would an adjustment for an overcharge by creditor be recorded

general journal

which journal would you find cash revenues recorded

cash receipt journal

company uses special journals

quantity and design depend on the needs of the company.

what is meant by the term B2C

business to consumer

which of the following transactions is recorded in the purchases journal

purchase of store supplies on account

which of the following is recorded in the cash payments journal

payments of employees salaries

which of following is always recorded in the general journal

closing entries

salaries will be posted in what journal

cash payments journal

In which journal would adjusting entries be found

general journal

The means by which the accounting system collects, summarized and reports accoutning information is called information

processing methods

E- commerce

can improve the speed and efficiency of transactions

business may be segmented by all except

time period

withdrawal of cash made by the owner will be found in the

cash payment journal

The three phases of setting up an accounting system are in order

analysis, design, implementation

When Richard Miler purchases a fishing pole through Amazon.com, he is utilizing

B2C e-commerce

If title to merchandise purchases passes to the buyer when the good are shipped form the seller, the terms are

FOB shipping point

Merchandise is sold for cash. The selling price of merchandise is $6,000 and the sale is subject 7% state sales tax. The Journal entry to record the sale would include a credit to

Sales tax payable for $420

Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a

debit to merchandise inventory

Merchandise is purchased for $6,000 on September 2 subject to terms of 2/10,n/30, FOB destination. Freight costs paid by the seller totaled 200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken.

$5,880

which of the following accounts have a debt balance

Merchandise inventory

The primary difference between a periodic and perpetual inventory systems that a

periodic system determine the inventory on hand only at the end of t accounting period

President salaries, depreciation of office furniture, and office supplies are

administrative expenses

The arrangements between buyer and seller as to when payments for merchandise are to e made are called

credit terms

Generally, the revenue account for a merchandising business is entitled

Sales

Dollar Co. sold Merchandise to Pound Co. on account, $25,000, terms 2/15 net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales form the above transactions?

$24,990

If the buyer is to pay the freight cost of delivering merchandise, delivery terms are stated as

FOB shipping point

If the seller is to pay the freight cost of delivering merchandise , the delivering merchandise the delivery terms are stated as

FOB destination

A chart of accounts for merchandising business

usually required more accounts than does the chart of accounts for a service business

which of the following has a normal credit balance

sales

The revenue account for a merchandising business is entitled

sales

Dollar Co. sold Merchandising to Pound Co. on account, $25,500, terms 2/15 net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions

$24,990

Using a Perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a

debit to Merchandise Inventory

Merchandise is ordered on November 10; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on Nonmember 13; the merchandise is received by the buyer on November 18; the entry is made in the buyers accounts on November 20. The credit period begins with what date

November 13

Merchandise is purchased for $6,000 on September 2 subject to terms of 2/10, n/30 FOB destination. Freight cost paid by the seller totaled $200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken.

5,880

The Accounts Receivable should be________ in the journal headings.

debit

A cash investment made by the owner should be recorded in the

cash receipts journal

Subsidiary ledger

large number of individual accounts with common characteristic can be grouped together in a separated ledger

Purchase of items on account ——->

Purchase Journal

Payment of cash for any purpose cash payments —>

Cash Payment Journal

Providing service account —–>

Revenue journal

Receipts of Cash from any source cash receipts —-> cash receipts

Cash Receipt Journal

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