D. Cash purchases. E. Cash receipts. 24. The purchases journal is used for recor

Question

D. Cash purchases. E. Cash receipts. 24. The purchases journal is used for recording: A. Credit purchases. B. Credit sales. C. Cash sales. D. Cash purchases E. Cash disbursements. 25. A record that contains all accounts (with amounts) of a company is the: A. General ledger B. General journal. C. Special ledger. D Special journal. E. Column balance ledger 26. A subsidiary ledger: A. Includes transactions not covered by special journals. B. Is a listing of all of the accounts of a business. C. Is a listing of individual accounts and amounts with a common characteristic. D. Is also called a general ledger. E. Is also called a special jounal. 27. A company borrowed $50,000 from a bank by signing a long-term note payable ldentify the journal the transaction would be recorded in. A. Cash disbursements journal. B. Sales journal. C. Cash receipts journal. D. Purchases journal. E. General journal.

Explanation / Answer

Q24. Answer is A. Credit Purchases Q25. Answer is A. General Ledger Q26. Answer is C. A listing of individual accounts and amount with common Characteristics Q27. Answer is C. Cash Receipts Journal. Q28. Answer is B. sales journal Q29. Answer is D. Purchase Journal Q30. Answer is A. Cash Disbursement Journal Q31. Answer is B. maintain adequate records.

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