Ledgers
Two common types of Subsidiary Ledgers
What is the Accounts Receivable and Accounts Payable Subsidiary Ledgers?
The abbreviation for Sales Journal
What is S?
The abbreviation for Cash Receipts Journal
The abbreviation for Purchases Journal
What is P?
The abbreviation for the Cash Payments
Accounting information systems use _____________ to hold individual accounts to support a general ledger.
What is Subsidiary Ledger?
Most merchandisers sell inventory_________
What is on account?
Cash receipts collects
What is cash?
The final line at the end of the month
What is totals?
Businesses make most payments by _______
What is a check?
The total of the individual balances in the subsidiary ledger equal to the ______________________ balance in the general ledger. (AP)
What is Accounts Payable?
The sale of merchandise inventory for cash is recorded in the ______________
What is cash receipts journal?
No __________ are recorded in the cash receipts journal.
What is cash payments?
A merchandising business purchases merchandise inventory and other items _______________
What is on account?
The cash payments journal is recorded in the subsidiary ledger - _______________
What is accounts payable?
The accounts receivable subsidiary ledger includes a...
What is receivable account for each customer?
It's always included (9 times out of 10) for sales transaction
What is an invoice number?
The two accounts that are debited in the cash receipts journal.
What is cash and cost of goods sold?
____________________ are not recorded in the purchases journal; they are recorded in the cash payments journal.
What is cash purchases?
This special journal is also called the ______
What is check register?
The sum of the balances in a group of related accounts in a subsidiary ledger is called a _____________.
What is a control account?
The Post Ref in the sales journal
What is a check mark?
The number that is located under the total row
What is ledger/account number?
2/15 and n/30 is an example of...
What is credit terms?
This special journal is also called the _________
What is cash disbursements journal?