20 answer true false 21 under the perpetual system

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20)Answer:TrueFalse
21)Under the perpetual system cash sales are recorded at the point of sale.Answer:21)
22)The difference in the Sales Journal between the perpetual and periodic systems is thecolumn to record cost of goods sold and inventory amounts for each sale.22)Answer:
23)A subsidiary ledger is a listing of individual accounts with a common characteristic.23)Answer:TrueFalse2
24)Two common subsidiary ledgers are cash receipts and cash disbursements.24)Answer:
25)The Accounts Payable ledger is used for storing transaction data regarding individualcustomers.25)Answer:TrueFalse
26)The Accounts Payable ledger has a controlling account in the General Ledger and aseparate subsidiary account for each creditor in the Accounts Payable ledger.26)Answer:
27)Equipment, inventory, and investments may also need subsidiary ledgers.Answer:27)
28)In general, subsidiary ledgers are not needed in perpetual systems because theaccounting system captures sufficient details to support analyses that decision makersneed.28)Answer:
29)A schedule of accounts receivable is a listing of all creditor accounts and accountbalances.29)Answer:TrueFalse
30)If the total balance of the Accounts Receivable Ledger equals the total of the controllingAccounts Receivable account, then the individual accounts are presumed to be correct.30)Answer:
31)A Sales Journal is used to record sales of merchandise on credit.Answer:31)
32)A columnar journal is a journal with only one column.32)Answer:
33)Individual transactions in the Sales Journal are regularly posted to customer accounts inthe Accounts Payable ledger.33)Answer:TrueFalse
34)Each transaction recorded in the Sales Journal includes a debit to Accounts Receivableand a credit to Sales Revenue.34)Answer:
35)The general rule for posting is that the controlling account is debited periodically for anamount equal to the sum of the debits to the subsidiary ledger, and is creditedperiodically for an amount equal to the sum of the credits to the subsidiary ledger.35)Answer:
3
36)Items posted from the General Journal carry the initialP.36)Answer:
37)Three issues involving the Sales Journal include: (1) recording sales taxes (2) recordingsales returns and allowances and (3) recording purchase discounts.37)Answer:TrueFalse
38)A Sales Journal is used to record cash sales.Answer:38)
39)Account balances in the General Ledger and the subsidiary ledgers are tested foraccuracy after posting is complete.39)Answer:
40)To check for accuracy after posting: first a trial balance is completed, then thesubsidiary ledgers are tested by preparing a schedule of the controlling account.40)Answer:
41)The Sales Journal and Cash Receipts Journal may have GST payable and PST payablecolumns added to them to facilitate recording.

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Term
Fall
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Tags
Cash Disbursements Journal, invoice, CASH RECEIPTS JOURNAL, The sales journal

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