Ignoring sales tax, which of the following are the correct entries to post the total of the discounts received column in the cash book to the general ledger?
A: DR discounts received, CR Purchases
B: DR Payables control account, CR Discounts received
C: DR Purchases, CR Discounts received
D: DR Discounts received, CR Payable control account
A: DR discounts received, CR Purchases
B: DR Payables control account, CR Discounts received
C: DR Purchases, CR Discounts received
D: DR Discounts received, CR Payable control account
举一反三
- Alana is not registered for sales tax purpose. She has recently received an invoice for goods for resale which cost $500 before sales tax, which is levied at 15%. The total value was therefore $575. What is the correct entry to be made in Alana's general ledger in respect of the invoice? A: Dr Purchases $500, Dr Sales tax $75, Cr Payables $575 B: Dr Purchases $575, Cr Sales tax $75, Cr Payables $500 C: Dr Purchases $500, Cr Payables $500 D: Dr Purchases $575, Cr Payables $575
- Which TWO of the following are credit entries in the receivables ledger control account? A: Cash paid to credit suppliers B: Discounts received C: Irrecoverable debts D: Sales returns from credit customers
- In a financial accounting system what would be the double entry for the purchase of raw materials? A: Dr Raw material inventory, Cr Payables control account B: Dr Raw material inventory, Cr Cost control account C: Dr Payables control account, Cr Dr Raw material inventory D: Dr Cost control account, Cr Dr Raw material inventory
- Which of the following would be recorded in the sales day book? A: Discounts allowed B: Sales invoices C: Credit notes received D: Trade discounts
- The sales day book total has been undercast by $3,500. What adjustment needs to be made to reconcile the receivables control account to the receivables ledger? A: DR $3,500 to the receivables ledger B: CR $3,500 to the receivables control account C: CR $3,500 to the receivables ledger D: DR $3,500 to the receivables control account