A cash discount of $15 is given from a cash sale worth $200 how much money is recorded as cash?
$185 (200-15)
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5
Return inwards is recorded in the return inwards ledger true or false?
False
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10
If a loan is to be repaid using a cheque how would this be recorded under the Cash Book
On the credit side under Bank
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10
What is meant by the imprest system for petty cash book?
A system where the cashier starts with an opening balance "float" and at the end of the month the float is replaced with all of the money that was spent
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5
What type of transactions are found in the Cash Book?
Cash and Bank transactions
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10
We sold goods to R. Martin on credit for $500. How would this be recorded in the Day Book and Ledger??
Sales Journal and Sales Ledger
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10
If there is a balance brought down on the credit side of the Cash book this indicates what?
An overdraft
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10
List the names of any three day books
General Journal, Sales Journal, Purchases Journal etc...
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10
The general journal can be used to record transactions such as opening capital accounts and correction of errors. True or False?
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5
What does the sales journal record?
Credit sales
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5
Where are total amounts transferred after the journal has been completed for a period?
General Ledger
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10
A trade discount is given where would this be shown?
On the Invoice
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5
A cash discount is given for the sale of some goods where would this be recorded in the cash book?