Accounting chapter 5 notes from the quiz PDF

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This quiz covers the main important concepts and topics from chapter 5. Chapter 5 is about 50 questions cover the topics....

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1. A cash investment made by the owner should be recorded in the  Cash receipts journal 2. A withdrawal of cash made by the owner will be found in the  Cash payments journal 3. Assume the use of special journals. Select the correct journal to use to record a purchase of supplies on account.  purchas 4. Assume the use of special journals. Select the correct journal to use to record a purchase of supplies for cash.  Cash payments 5. Assume the use of special journals. Select the correct journal to use to record a payment of cash on account to creditors.  Cash payments 6. Assume the use of special journals. Select the correct journal to use to record a purchase of office equipment on account.  purchases 7. Assume the use of special journals. Select the correct journal to use to record the receipt of cash for office supplies sold to employees at cost.  Cash receipts 8. Assume the use of special journals. Select the correct journal to use to record the receipt of cash from a credit customer on account.  Cash receipts 9. Assume the use of special journals. Select the correct journal to use to record providing services on account to a credit customer (issuing an invoice).  revenue 10. Assume the use of special journals. Select the correct journal to use to record the receipt of cash from a cash customer for fees earned.  Cash receipts 11. Assume the use of special journals. Select the correct journal to use to record the adjusting entries at the end of the accounting cycle.  General Journal 12. At the end of the month, the total of the amount column of the revenue journal is posted as a  Debit to accounts receivable and a credit to fees earned

13. In recording 400 fees earned on account transactions during a single month, how many times will it be necessary to write Fees Earned if each transaction including fees earned is recorded individually in a two-column general journal?  400 14. In recording 400 fees earned on account transactions during a single month, how many times will it be necessary to write Fees Earned if each transaction for fees earned is recorded in a revenue journal?  none 15. In recording 400 fees earned on account transactions during a single month, how many postings to Fees Earned will occur if each transaction for fees earned is recorded in a revenue journal?  1 16. The major advantages of the use of special journals are substantial savings in recordkeeping expenses and a reduction of record-keeping errors

 This statement is true 17. The primary ledger, when used in conjunction with subsidiary ledgers, that contains all of the balance sheet and income statement accounts is called what?  General ledger 18. The reason that a company maintains separate accounts receivable ledgers for each customer as opposed to maintaining a single accounts receivable for all customers is that managers need to know which customers owe money, how much they owe, and how long the amount owed has been outstanding.  This statement is true 19. The two-column form used for entries that do not “fit” in any of the special journals is called what?  General journal 20. What are journals designed to be used for recording a single type of transaction called?  Special journals 21. What is a ledger containing individual accounts with a common characteristic called?  Subsidiary ledger 22. What is the account in the general ledger that summarizes the balances of the accounts in a subsidiary ledger called?  Controlling account 23. What is the ledger called where the individual accounts with credit customers are arranged in alphabetical order?  Accounts receivable ledger 24. What is the subsidiary ledger containing the individual accounts with suppliers (creditors) called?  Accounts payable subsidiary ledger 25. When posting the column totals of a cash payments journal, a debit should be posted to  Accounts payable...