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ACC120 - er6 Quick Check 1 John Alden’s Rifles purchased...

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Unformatted text preview: er6 Quick Check 1. John Alden’s Rifles purchased inventory costing $6,500 from Pilgrim on account. Where should John Alden’s Rifles record this transaction, and what account is credited? in. Cash payments journal; credit Cash b. Purchases journal; credit Accounts Payable c. Sales journal; credit Sales Revenue (1. General journal; credit Inventory 2. Every transaction recorded in the cash receipts journal includes a 3. Debit to Cash b. Debit to Accounts Receivable 0. Debit to Sales Discounts (1. Credit to Cash 3. The purchases journal is used to record all a. Purchases of inventory 1). Purchases on account (3. Purchases of assets d. Payments of purchases on account 4. The individual accounts in the accounts payable subsidiary ledger identify :1. Customers b. Debtors c. Amounts to be collected (1. Creditors 5. Which of the following is not a general ledger account? a. Sales Discounts 1). Accounts Receivable c. Supplies Expense (L Jackson Wholesale Company Answers are given after Apply Your Knowledge (p. 321). ...
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