Solutions Chapters 5 - 7 clicker questions.ppt

D no one has legal title to the goods until they are

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d. no one has legal title to the goods until they are delivered. 11. The cost of goods available for sale is allocated between a. beginning inventory and ending inventory. b. beginning inventory and cost of goods on hand. c. ending inventory and cost of goods sold. d. beginning inventory and cost of goods purchased.
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Review 12. A subsidiary ledger frees the general ledger from details of a. individual balances. b. external transactions. c. internal transactions. d. the control account. 13. The individual amounts in the sales journal are posted to the accounts receivable subsidiary ledger a. daily. b. weekly. c. monthly. d. yearly.
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Review 14. A sales journal is used to record a. only cash sales of merchandise. b. sales of all assets on credit and for cash. c. only credit sales of merchandise. 15. The one characteristic that all entries recorded in a cash receipts journal have in common is a. a credit to the Cash account. b. that they all represent collections from customers. c. that they originate from the sales of merchandise. d. a debit to the Cash account.
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