Question 1
What advantage is their to using special journal for cash disbursment transaction to a
general journal
ANSWER
Reducing amount of time and expenses in posting credits to the cash account. Only one
posting is made at the end of a fiscal period to a credit to cash
Question 2
What justifies the use of a special column in a cash disbursment journal
ANSWER
How often a account title is used
Question 3
When does the checkmark indicate not to post
ANSWER
Cash purchases
Question 4
How is the accuracy of the subsidiary ledger proved
ANSWER
1
, Should equal the balance of the controlling account in the general ledger
Question 5
How is a signature card used by the bank teller
ANSWER
It verifies the drawers hand written name and signature
Question 6
What entry is recorded for a bank service charge
ANSWER
The entry should debit misc. Expenses and credit to cash
Question 7
What information is reported in a customers statement of account
ANSWER
List customers charges,payments, and returns with balances due
Question 8
What type of transaction is exclusively entered in a cash receipt journal
ANSWER
All transaction what would result in debits or cash
2
What advantage is their to using special journal for cash disbursment transaction to a
general journal
ANSWER
Reducing amount of time and expenses in posting credits to the cash account. Only one
posting is made at the end of a fiscal period to a credit to cash
Question 2
What justifies the use of a special column in a cash disbursment journal
ANSWER
How often a account title is used
Question 3
When does the checkmark indicate not to post
ANSWER
Cash purchases
Question 4
How is the accuracy of the subsidiary ledger proved
ANSWER
1
, Should equal the balance of the controlling account in the general ledger
Question 5
How is a signature card used by the bank teller
ANSWER
It verifies the drawers hand written name and signature
Question 6
What entry is recorded for a bank service charge
ANSWER
The entry should debit misc. Expenses and credit to cash
Question 7
What information is reported in a customers statement of account
ANSWER
List customers charges,payments, and returns with balances due
Question 8
What type of transaction is exclusively entered in a cash receipt journal
ANSWER
All transaction what would result in debits or cash
2
