Which of the following statements is not correct?Postings to the accounts receivable subsidiary ledger are usually made once a month on the last day of the month.Before any posting to the subsidiary ledger takes place, the equality of the debits and credits recorded in the sales journal are proved by comparing the column totals.Before any posting to the general ledger takes place, the equality of the debits and credits recorded in the sales journal are proved by comparing the column totals.When special journals are used, postings to the accounts receivable account in the general ledger are usually made once a month on the last day of the month.
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Postings to the accounts receivable subsidiary ledger are usually made once a month on the last day of the month.
If a firm does not have a sales returns and allowances journal, the entries for these transactions are made inthe sales journal.the general journal.the cash receipts journal.the cash payments journal.
The Sales account is classified asa liability account.an asset account.a contra account.a revenue account.
The Sales Returns and Allowances account is classified asan asset account.a contra asset account.an expense account.a contra revenue account.
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A retailer recorded the following in June: cash sales $2,000; credit sales, $9,000; sales returns and allowances, $1,000. Assuming the sales tax rate is 7 percent, the entry to record the sales tax payment includes a debit to Sales Tax Payable for
Which of the following describes Sales Tax Payable?A revenue account with a normal credit balance.A liability account with a normal debit balance.A liability account with a normal credit balance.An asset account with a normal debit balance.
When a business makes a sale on a bank credit card, the business is responsible for collecting from the customer.TrueFalse
The sales journal for Carothers Company is shown below. SALES JOURNAL Page 1 Date SalesSlipNo. Customer Name Post.Ref. AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1 824 Jim Danta 1,712 112 1,600 7 825 Tom Tome 963 63 900 22 826 Sue Wasco 214 14 200 31 Totals 2,889 189 2,700 Show how the amounts would be posted to the general ledger accounts. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)