In which order should accounting data be processed when using the double entry system?
business documents, journals, ledgers, trial balance
journals, ledgers, business documents, trial balance
ledgers, business documents, trial balance, journals
trial balance, ledgers, business documents, journals
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Leilani issues an invoice for goods sold on credit which have a full price of $3500.
She offers a trade discount of 12%, and also a cash discount of 5% for prompt payment.
Which amount should she record in the sales journal?
$2905
$2926
$3080
$3500
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How is the total from the sales journal recorded in the ledger at the end of the month?
credited to customers' personal accounts
credited to the sales account
debited to customers' personal accounts
debited to the sales account
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When writing up the sales journal and the sales returns journal, which business documents are used to provide the information?
sales journal | sales returns journal | |
|---|---|---|
A | invoices issued | credit notes issued |
B | invoices issued | credit notes received |
C | invoices received | credit notes issued |
D | invoices received | credit notes received |
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In October, Elvin entered all the credit notes he received in the correct returns journal.
How was the total of that journal recorded in the ledger at the end of the month?
credit purchases returns account
credit sales returns account
debit purchases returns account
debit sales returns account
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Estel sold goods to a customer on credit.
Which one of the following is the first place where she recorded the invoice she issued?
general journal
general ledger
sales journal
sales ledger
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