BUISENESS MANAGEMENT
MERCHANDISING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What are the accounts involved in this transaction?BZ Water Refilling Station received payment for the account of Mr. Ef Ven. BZ WRSgranted Mr. Ven a discount of PHP. 12, 350.1. Cash2. Purchase Discounts3. Sales Discounts4. Accounts Receivable5. Accounts Payable
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1, 3 and 5
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1 and 3
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3 and 4
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3 and 5
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Explanation:
Detailed explanation-1: -How would you journalize the transaction “paid cash on account” in an expanded journal? Debit Cash and credit Accounts Payable.
Detailed explanation-2: -The journal columns that are used when receiving cash on account are general which is credited and cash which is debited.
Detailed explanation-3: -A journal shows in one place all the changes in a single account (T/F). A chart of accounts is a list of account titles and numbers showing the location of each account in a ledger (T/F). On a chart of accounts, all asset and expense accounts are in the same division (T/F).
Detailed explanation-4: -Double lines are ruled across a journal’s amount columns to indicate that the totals have been verified as correct.
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