Self Assessment Quizzes

CHAPTER 16: Section 2 The Cash Receipts Journal

	1.	For each line of the cash receipts journal

		a.	there should be a check mark
		b.	the debit and credit entries should be equal
		c.	there should be a footing
		d.	there should be a general credit

	2.	The amount of cash actually received in a transaction is recorded on the cash receipts journal in the

		a.	Cash in Bank debit column
		b.	Cash in Bank credit column
		c.	Accounts Receivable debit column
		d.	Accounts Receivable credit column

	3.	When recording cash receipts, accounts for which there is no special column are recorded in the

		a.	general ledger column
		b.	general merchandise column
		c.	general credit column
		d.	general debit column

	4.	If a charge customer owes $1,000 and is given a 2% cash discount of $20, the amount to be recorded in the Accounts Receivable Credit column of the cash receipts journal is

		a.	$20
		b.	$980
		c.	$1,000
		d.	$1,020

	5.	Every transaction recorded in the cash receipts journal requires a

		a.	debit to the Cash in Bank account
		b.	debit to the Accounts Receivable account
		c.	a credit to the Sales account
		d.	a credit to the Cash in Bank account

	6.	Confirming that the Accounts Receivable ledger controlling account equals the accounts receivable subsidiary account is called

		a.	balancing the subsidiary ledger
		b.	proving the subsidiary ledger
		c.	the trial balance
		d.	scheduling the subsidiary ledger

	7.	Posting from the Accounts Receivable Credit column to the accounts receivable subsidiary ledger should be done

		a.	quarterly
		b.	monthly
		c.	weekly
		d.	daily