We bought some goods on credit from R. Maye what are the Day books and ledgers used to record this?
Purchases Day book and Purchases Ledger
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10
How is a cash sale recorded in the Cash Book
On the debit side under the cash column
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lifesaver
Give 20 points!
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rocket
Go to first place!
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shark
Other team loses 15 points!
Okay!
baam
Lose 5 points!
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5
What does the sales journal record?
Credit sales
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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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baam
Lose 25 points!
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fairy
Take points!
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fairy
Take points!
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baam
Lose 25 points!
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5
Return outwards is recorded in the return outwards journal. true or false?
True
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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?
Discounts Allowed
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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
Return inwards is recorded in the return inwards ledger true or false?
False
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10
List the name of the 3 ledgers
Sales, Purchases and General Ledger
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10
A trade discount is given where would this be shown?
On the Invoice
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banana
Go to last place!
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magnet
Take 20 points!
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fairy
Take points!
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lifesaver
Give 20 points!
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5
What document is used when placing an order as a buyer?
Purchase Order
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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
How is a contra entry recorded?
A contra entry always affects both the cash and bank account simultaneously (either via a withdrawal or deposit of monies)