Accounting Chapter 10 Review: Question Preview (ID: 5839)


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What special journal is used for the transaction "sold merchandise on account"
a) sales journal b) cash receipts journal c) general journal d) cash payments journal
What special journal is used for the transaction "recorded cash and credit card sales"
a) sales journal b) cash receipts journal c) general journal d) cash payments journal
Sales Returns and Allowances is
a) an expense account. b) a revenue account. c) a contra expense account. d) a contra revenue account.
Recording revenue from trnasactions at the time goods or services are sold is an applicatin of the accounting concept
a) realization of revenue. b) maching expenses with revenue. c) objective evidence. d) business entity.
Credit terms of 2/10, n/30 means that if the account is paid in
a) 2 days, a 10% discount will be allowed. b) 10 days, a 2% discount will be allowed. c) 10 days, a 30% discount will be allowed. d) 30 days a 2% discount will be allowed.
For a sale on account of $1000, with sales tax of $80, the amount recorded in the Accounts Receivable amount column of a sales journal is
a) $1080.00 b) $1000.00 c) $920.00 d) $80.00
A report of credit card sales produced by a point-of-sale terminal is called a
a) terminal report. b) summary report. c) batch report. d) receipt report.
Credit allowed to a customer for part of the sales price of merchandise that is not returned is called
a) sales allowance. b) sales return. c) credit return. d) credit allowance.
The amount of sales tax collected is
a) an asset of the business. b) is a liability of the business. c) decreases the amount of revenue account. d) increases the amount of revenue account.
Sales tax payable
a) has a normal credit balance. b) has a normal debit balance. c) does not have a normal balance. d) can have a debit or credit normal balance.
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