A company has four vendors and the accounts payable

This preview shows page 5 - 7 out of 55 pages.

A company has four vendors and the accounts payable subsidiary ledger shows the following balances.Alpha$275,821Beta143,474Gamma78,943Delta34,187Calculate the accounts payable balance in the general ledger.A) $419,295B) $532,425C) $275,821D) $256,604Answer:
BWhich of the following is true of a sales journal?
CTangent Corporation sold a product for $7,150 to Michael on credit. The cost of goods sold is $5,650.Assuming that the firm is following a perpetual inventory system and using a sales journal, it will record $5,650 in the:
BWhich of the following is true of a sales journal prepared under the perpetual inventory system?
AIf a business uses the periodic inventory system, the sales journal:A) will record both the cash and credit sales.B) will include a Purchase DR and Account Receivable CR column.C) will exclude the Accounts Receivable DR and Sales Revenue CR column.D) will not include the Cost of Goods Sold DR and Merchandise Inventory CR column.Answer:
D
Deal Corporation sells a product for $500 on account to Liza. This transaction will be recorded in the:
BTangent Corporation makes a $1,200 purchase of merchandise inventory on account. This transaction will be recorded in the:
DDeal Corporation sells a product for $500 cash to Liza. This transaction will be recorded in the:
CDepreciation of fixed assets is recorded in a:A) cash payments journal.B) sales journal.C) cash receipts journal.D) general journal.Answer:
D

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture