Uses of The General Journal - SS1 Accounting Past Questions and Answers - page 1
Which of the following is NOT a specialized journal?
Sales journal
Purchase journal
General journal
Cash receipts journal
Which of the following transactions would be recorded in the purchases journal?
Sale of goods on credit
Payment of rent
Purchase of inventory on credit
Receipt of cash from customers
What is the purpose of a cash receipts journal?
To record all cash transactions related to sales
To record all cash transactions related to purchases
To record all cash transactions related to payroll
To record all cash receipts from any source
Which of the following accounts would be classified as a contra account?
ales revenue
Accounts receivable
Accumulated depreciation
Cost of goods sold
Define the term "specialized journal."
A specialized journal is a type of accounting journal that records specific types of transactions, such as sales, purchases, cash receipts, and cash disbursements.
What is the purpose of posting transactions from specialized journals to the general ledger?
The purpose of posting transactions from specialized journals to the general ledger is to summarize the transactions recorded in the specialized journals and transfer them to the appropriate accounts in the general ledger. This allows for easier tracking and analysis of account balances and financial information.