Answer the following statements true (T) or false (F)
1. Entries in the sales journal are posted to both the accounts receivable subsidiary ledger and the general ledger.
2. After posting entries in a sales journal to the general ledger, the Accounts Receivable balance in the general ledger should equal the sum of the individual customer balances in the accounts receivable subsidiary ledger.
3. The sales journal is used for all sales of merchandise inventory.
4. The cash receipts journal is a special journal used to record business transactions involving cash receipts and credit sales.
1. TRUE
2. TRUE
3. FALSE
4. FALSE
You might also like to view...
Lexi wants to find the perfect gift for her older sister's college graduation. She started looking for the gift last month and expects to spend another couple of weeks to find a gift her sister will use and like. Lexi is engaging in
A. integrated problem solving. B. routine problem solving. C. problem recognition. D. limited problem solving. E. extended problem solving.
Awards for emotional distress attributable to a physical injury are excluded from gross income.
Answer the following statement true (T) or false (F)
The Occupational Safety and Health Administration (OSHA) may cite employers under all of the following violations EXCEPT
A. willful violations. B. serious violations. C. other-than-serious violations. D. minor violations.
You can tell that Ralph has good social intelligence because he
A) tells great jokes during business meetings. B) believes that a friendly atmosphere lowers productivity. C) gives constructive criticism instead of angry attacks. D) gives angry attacks toward lazy coworkers.