Sales Journal – Accounting & Finance Final Exam

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Sales Journal, Accounting & Finance

The key terms in this Accounting & Finance course Sales Journal.


Which of the following column headings appear in the Sales Journal?

a. Invoice Number; Accounts Payable, Sales; GST Paid

b. Invoice Number; Accounts Receivable, Purchases; GST Collected

c. Invoice Number; Accounts Payable, Purchases; GST Collected

d. Invoice Number; Accounts Receivable; Sales; GST Collected 


The source documents entered into the Sales Journal are:

a. receipts

b. cheque butts

c. supplier invoices

d. customer invoices 


Every transaction entered into the sales journal has an entry in the Accounts Receivable column

True 

False


The total of the Bank column in the Cash Receipts Journal equals the sum of the remaining column totals.

True 

False


Sales Journal – Accounting & Finance Final Exam


The source documents entered into the Cash Receipts Journal include:

a. receipts 

b. cheque butts

c. customer invoices

d. supplier invoices


The source documents entered into the Purchases Journal include:

a. cheque butts

b. customer invoices

c. credit notes issued by suppliers 

d. receipts


Using specialised journals limits the number of entries posted to the General Ledger.

True

False 


Invoice numbers in the Purchases Journal will most likely be in consecutive order.

True 

False


Which of the following column headings appear in the Cash Payments Journal?

a. Invoice Number; Bank; Accounts Receivable, Purchases; GST Paid

b. Invoice Number; Bank; Accounts Payable, Purchases; GST Collected

c. Cheque Number; Bank; Accounts Payable; Purchases; GST Paid; Discount Allowed

d. Cheque Number; Bank; Accounts Payable; Purchases; GST Paid; Discount Received 


Transactions from which journals will be posted individually to the Creditors subsidiary ledger?

a. Purchases and Cash Payments Journals 

b. Sales and Purchases Journals

c. Cash Receipts and Cash Payments Journals

d. Sales and Cash Receipts Journals


Which one of the following transactions would be recorded in the General Journal?

a. A cash purchase of office stationary

b. A sales return

c. A bad debt write off 

d. A credit purchase of a new motor vehicle


Assume that the Periodic Inventory Method is used. Cost of goods sold is $100,000, opening inventory $30,000 and closing inventory is $35,000. What is the amount of purchases for the year?

a. $95,000

b. $100,000

c. $110,000

d. $105,000 


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