105.Which of the following journals would a company use to record cash collections from customers, net of discounts taken?
A. General journal.
B. Cash receipts journal.
C. Cash disbursements journal.
D. Purchases journal.
E. Sales journal.
106.Which of the following journals would a company use to record period-end adjusting entries to accrue revenues?
A. General journal.
B. Cash receipts journal.
C. Cash disbursements journal.
D. Purchases journal.
E. Sales journal.
107.For a retailer required to collect sales taxes from customers, all of the following adaptations would be made to the sales journal except:
A. Column totals would continue to be posted as usual.
B. A Sales Taxes Payable credit column would be added.
C. There would be a separate Accounts Receivable debit column.
D. A Sales Taxes Payable debit column would be added.
E. There would be a separate Sales credit column.
108.The process of adding the Debit column totals, then the credit column totals of a journal and comparing the two sums for equality is an example of:
A. Crossfooting.
B. Footing.
C. Journalizing.
D. Posting.
E. Reconciling.
109.A company borrowed $80,000 from a bank by signing a long-term note payable. The journal the transaction would be recorded in is the:
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchases journal.
E. General journal.
110.A company makes a payment of $5,000 on a long-term note payable. The journal the transaction would be recorded in is the:
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchases journal.
E. General journal.
111.A company makes a cash sale of $24,000. The cost of the merchandise is $13,000. Identify the journal the transaction would be recorded in:
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchase journal.
E. General journal.
112.A company sells merchandise on credit for $6,000. The merchandise cost is $3,400. The journal that the transaction would be recorded in is the:
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchases journal.
E. General journal.
113.If a company purchases $15,200 of merchandise on credit, which journal will the transaction be recorded in?
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchases journal.
E. General journal.
114.Flavor Ice Cream received a payment of $7,800 from a credit customer within the discount period. Identify the journal the transaction would be recorded in:
A. Cash disbursements journal.
B. Sales journal.
C. Cash receipts journal.
D. Purchases journal.
E. General journal.