Question 1

If a company maintains special journals, sales of merchandise on credit should be recorded in a _______________ whereas sales of merchandise for cash should be recorded in the _______________.

Accepted Answer

The answer of If a company maintains special journals, sales...

Question 2

The use of special journals often saves time in the _______________ process.

Accepted Answer

The answer of The use of special journals often saves...

Question 3

Match the items below by entering the appropriate code letter in the space provided.
A. Accounts payable ledger 
B. Cybercrime 
C. Special journals
D. Subsidiary ledger
E. Control account
1. A general ledger account that summarizes detailed information in a subsidiary ledger.
2. A subsidiary ledger that contains accounts with individual creditors.
3. Involves the Internet or computer technology.
4. Detailed information about a group of accounts with a common characteristic.
5. Used to record high volume, similar type transactions.

Accepted Answer

The answer of Match the items below by entering the...

Question 4

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _______________ to the accounts in the accounts receivable subsidiary ledger and in _______________ to the control account in the general ledger.

Accepted Answer

The answer of The entries in the Accounts Receivable Credit...

Question 5

Transactions that cannot be entered in a special journal are recorded in the _______________, and if control and subsidiary accounts are involved, there must be a _______________ posting.

Accepted Answer

The answer of Transactions that cannot be entered in a...

Question 6

Match between columns
                        Premises: A general ledger account that summarizes detailed information in a subsidiary ledger.
A subsidiary ledger that contains accounts with individual creditors.
Involves the Internet or computer technology.
Detailed information about a group of accounts with a common characteristic.
Used to record high volume, similar type transactions.

Accepted Answer

The Answer of Accounts payable ledger and Cybercrime and Special is...

Question 7

Match between columns
                        Premises: Purchase of merchandise on account.
Collection on account from customers.
Payment of employee's wages.
Sales of merchandise for cash.
Close Income Summary to Retained Earnings.
Adjusting entry for depreciation on machinery.
Payment of creditors on account.
Purchase of office equipment on credit.
Sales discount taken on goods sold on credit.
Sales of merchandise on account.
Purchase of a delivery truck for cash.
Return of merchandise purchased on credit.
Payment of rent in advance.
Adjusting entry for accrued interest expense.
Purchase of office supplies for cash.

Accepted Answer

The Answer of Cash Receipts Journal and Cash Payments Journal is...

Quiz 29: Subsidiary Ledgers and Special Journals

If a company maintains special journals, sales of merchandise on credit should be recorded in a _ whereas sales of merchandise for cash should be recorded in the _.

The use of special journals often saves time in the _______________ process.

The entries in the Accounts Receivable Credit column of the cash receipts journal must be posted _ to the accounts in the accounts receivable subsidiary ledger and in _ to the control account in the general ledger.

Transactions that cannot be entered in a special journal are recorded in the _, and if control and subsidiary accounts are involved, there must be a _ posting.

Match the items below

Below are some typical transactions incurred by Harley Company. For each transaction, indicate by the code letter the appropriate journal where the transaction would be journalized.