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1. Document designed to record a specific type of transaction
A
General Journal
B
Cash Receipt - Payment Journal
C
Accounting Journal
2. Advantage of Cash Receipt Journal
A
Includes columns for all account
B
No need for date
C
Saves time
3. New accounts included in Cash Receipt Journal
A
Accts Receivable
B
Office Equipment
C
I.T.B.M.S.
4. The Reference column in the general journal is the same as the cash receipt journal
A
No
B
Yes
C
Depends
5. Sales tax in Panama is equivalent to
A
5%
B
7%
C
4%
6. The Cash column in the cash receipt journal is
A
Debit
B
Credit
C
Both Debit & Credit
7. The General column has what columns
A
Debit
B
Credit
C
Both Debit and Credit
8. After recording the transactions you must
A
include your double line
B
validate equality of debits and credit
C
complete the reference column
9. The Cash column in the payment journal is...
A
Debit
B
Credit
C
Both Credit & Debit
10. A new account in the Payment Journal is...
A
Accounts Receivable
B
Purchases Discount
C
Sales Discount
11. When a payment is made, what account is credited
A
Cash
B
Accts. Payable
C
Accts. Receivable