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Cash Payments Journal

Quiz by Lorie Blevins

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6 questions
Show answers
  • Q1
    A special journal used to record only cash payments is called
    General Journal
    Checkbook
    Purchases Journal
    Cash Payments Journal
    30s
  • Q2
    The retail price listed in a catalog or on an internet site is called a
    supply
    expense
    discount
    list price
    30s
  • Q3
    A purchase discount is recorded in a general ledger account called
    Purchases Discount
    Cash
    Accounts Payable
    Journal
    30s
  • Q4
    What account is debited in the transaction: Purchased merchandise form Polar Refrigeration for cash.
    Misc. Expense
    Cash
    Accounts Payable
    Purchases
    30s
  • Q5
    Which account is credited in this transaction: Purchased merchandise from Polar Refrigeration for cash
    Accounts Payable
    Misc. Expense
    Office Supplies
    Cash
    30s
  • Q6
    What is the net price of a item with a $1000 list price having a 60% trade discount
    no discount
    1400
    400.00
    600
    30s

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