ACC 100 Chapter 8 Exam Questions and Correct Answers (Rated 100%)
Sales Order - Answers The document prepared when an order is received from a customer
Sale Ticket - Answers A form by the seller when a cash sale is made
Cash Register Tape - Answers A variation of a sales ticket; rung up on the c...
Sales Order - Answers The document prepared when an order is received from a customer
Sale Ticket - Answers A form by the seller when a cash sale is made
Cash Register Tape - Answers A variation of a sales ticket; rung up on the cash register that serves as a
closing document for journal entries later
Sales Account - Answers A revenue account used to record the price of merchandise that is sold to
customers
Debit: Cash
Credit: Sales - Answers What is the journal entry for a cash sale?
Debit: Accounts Receivable
Credit: Sales - Answers What is the journal entry for a credit sale?
Sales Journal - Answers A special journal used to record only credit sales of merchandise
Accounts Receivable Ledger - Answers A subsidiary ledger containing only accounts of credit customers.
Sales Returns and Allowances Account - Answers The contra-revenue account we use when a customer
returns something
Sales Discount Account - Answers The contra-revenue account we use when a customer receives a
discount
Cash Receipts Journal - Answers A special journal used to record the receipts of cash
Schedule of Accounts Receivable - Answers A listing of balances of accounts in the Accounts Receivable
Ledger
Sales Tax - Answers A tax on the retail price of goods and services, collected by the merchant and paid to
the government later
Sales Tax Payable - Answers A liability account we use to record sales tax
Debit: Sales Returns and Allowances
Credit: Accounts Receivable - Company Name - Answers What is the journal entry for a customer to
return merchandise?
Debit: Cash and Sales Discount
Credit: Accounts Receivable - Company Name - Answers What is the journal entry for a sales discount?
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