Match the terms below with the correct definitions.
-Account in the general ledger that summarizes the balance of accounts in a subsidiary ledger
A)FOB destination
B)Sales Returns and Allowances
C)Controlling account
D)Accounts receivable ledger
E)Subsidiary ledger
F)Purchases journal
G)Sales invoice
H)FOB shipping point
I)General journal

Question

Quizplus · Accepted Answer

A controlling account in the general ledger summarizes the balance of accounts in a subsidiary ledger.

Answer: D 
 An accounts receivable ledger contains detailed information about each customer's transactions and account balance.

Answer: E 
 A subsidiary ledger contains detailed information about a specific group of accounts, such as accounts receivable or accounts payable.

Answer: F 
 A purchases journal is a special journal used to record all purchases made on credit.

Answer: G 
 A sales invoice is a document that details the products or services sold by a company to a customer, including the price, quantity, and terms of sale.

Answer: H 
 FOB shipping point means the buyer is responsible for paying shipping costs and the title transfers to the buyer upon shipment.

Answer: I 
 The general journal is the main journal used for recording transactions that do not fit into any of the special journals.

Match the Terms Below with the Correct Definitions