Question

In: Accounting

1-The Other Accounts column in the cash payments journal is used for recording debits to any...

1-The Other Accounts column in the cash payments journal is used for recording debits to any account for which there is no specialized debit column.

True

False

2-The use of subsidiary ledgers is limited to Accounts Payable and Accounts Receivable.

True

False

3-The columns included in special journals are standardized for all businesses.

True

False

4-The purchase of supplies for cash would be recorded in the purchases journal.

True

False

5-Adjusting journal entries are recorded in a special journal.

True

False

6-The accounts receivable subsidiary ledger is an example of a special journal.

True

False

7-The customers ledger and the creditors ledger refer to subsidiary ledgers.

True

False

8-In a computerized accounting system, all postings happen automatically at the end of the month.

True

False

9-The Post. Ref. column of the revenue journal will reference the account number of the customer.

True False

Solutions

Expert Solution

1-Solution: True

Explanation: When there is no specialized debit column the Other Accounts column in the cash payments journal is used for recording the entry

2-Solution: False

Explanation: The use of subsidiary ledgers is eider and not limited to A/P aand A/R

3-Solution: False

Explanation: The columns included in special journals are not necessarily standardized

4-Solution: False

Explanation: Since supplies are not intended for resale thus are Supplies are not recorded in the purchases account. It will be recorded in cash payments journal

5-Solution: False

Explanation: After the entries are entered in the accounting journals, these are entered in the general ledger in the similar way as any other accounting journal entry

6-Solution: False

Explanation: A special journal is used for recording and posting the transactions of same types

7-Solution: True

Explanation: The subsidiary ledgers include customers ledger and the creditors ledger.

8-Solution: False

Explanation: In a computerized accounting system, all postings are done immediately

9-Solution: False

Explanation: The post reference provides the abbreviated name of the ledger, and the page on which it appears

ekkarill92 answered 2 years ago
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