A list of all creditors in the accounts payable ledger, the balance in each account and the total amount owed.
What is Schedule of Accounts Payable?
100
Most businesses that use special journals do not prove cash until the end of the month.
What is true?
100
Issued a check for rent for $800.00.
What is cash payments journal?
100
When posting from the purchases journal this column is posted to in the controlling account Accounts Payable.
What is credit?
100
Proving cash is necessary because: a) reconciling the checkbook with the bank statement doesn't match the Cash in Bank account, b) transposition errors could have occurred, c) overages and shortages of the daily cash drawer, d) all of the above.
What is d, all of the above?
200
The process of determining whether the amounts of cash recorded in a business's accounting records and the accounts in the checkbook agree.
What is proving cash?
200
On the schedule of accounts payable, supplier accounts are usually listed in alphabetical order.
What is true?
200
Bought on account new office furniture for the store.
What is Purchases Journal?
200
This column is posted to from the cash payments journal in the controlling account Accounts Payable.
What is debit?
200
True or False: A bank charge is automatically deducted from a business's checking account so it is not necessary to record the transaction in the cash payments journal.
What is false?
300
Used to record all transactions in which cash is paid out or decreased.
What is the cash payments journal?
300
All column totals in the purchases journal are posted to the general ledger.
What is false?
300
Mailed a check for $1,000 to a vendor for payment of invoice 148.
What is cash payments journal?
300
This column is posted from the cash payments journal to the purchases discounts journal.
What is credit?
300
True or False: Special journals are footed before column totals are proved.
What is true?
400
A special journal used to record transactions in which items are bought on account.
What is the purchases journal?
400
All transactions in the cash payments journal require a credit to Accounts Payable.
What is false?
400
Mailed a check to Com-Ed for the monthly electric service.
What is cash payments journal?
400
This column is posted from the purchases journal to the vendor's account in the accounts payable subsidiary ledger.
What is credit?
400
True or False: The total of each special amount column of the cash payments journal is posted daily.
What is false?
500
A special journal used to record all transactions in which items are sold on account.
What is the Sales Journal?
500
In the cash payments journal, the General credit column is used for each transaction.
What is false?
500
Name the two columns posted to in the purchases journal when computer equipment is purchased at Staples.
What is accounts payable credit and general debit?
500
Determine the balance of an accounts payable account if we pay $1,000 toward the current balance of $2,500 from the cash payments journal.
What is $1,500?
500
Name the 9 columns in the purchases journal.
What is date, invoice no., creditor's account, post reference, accounts payable credit, purchases debit, account debited, post reference, and debit?