Question 13 of 40 score 25 of possible 25 points some

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Question 13 of 40 Score: 2.5 (of possible 2.5 points) Some of the more common subsidiary ledgers are: A. Accounts Payable, Accounts Receivable, and Owner’s Equity subsidiary ledgers. B. Accounts Receivable and Accounts Payable subsidiary ledgers. C. Accounts Receivable, Accounts Payable, Cash, Checking, Petty Cash, and Owner’s Equity subsidiary ledgers D. Subsidiary ledgers are not utilized in computerized accounting systems as they are internal control elements for manual accounting processes. Answer Key: B
Question 14 of 40 Score: 2.5 (of possible 2.5 points) Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
Question 15 of 40 Score: 0 (of possible 2.5 points) Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal
in its operation. What would be recorded as the Post Ref for the Other column, and where on the journal would it appear?
Question 16 of 40 Score: 2.5 (of possible 2.5 points) Cumberland Co. sells $1,200 of inventory to Hancock Co.for cash. Cumberland paid $850 for the merchandise. Under a perpetual inventory system, which of the following journal entry(ies) would be recorded?
Question 17 of 40 Score: 2.5 (of possible 2.5 points) Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a A. credit to Sales Returns and Allowances B. debit to Merchandise Inventory C. credit to Merchandise Inventory D.debit to Cost of Merchandise Sold Answer Key: B
Question 18 of 40 Score: 2.5 (of possible 2.5 points) In which journal would the payment of salaries be posted?
Question 19 of 40 Score: 0 (of possible 2.5 points) Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What would be recorded in the Post Ref column for this transaction?
Question 20 of 40 Score: 2.5 (of possible 2.5 points) Round-tripping is when

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