QUESTION 32

Columns for the items Discount Received and Discount Allowed can be found in which of the following Journals?
a. General, Sales and Purchases
b. Sales and Purchases
c. Cash Receipts, Cash Payments, Sales and Purchases
d. Purchases, Sales, Cash Receipts, Cash Payments and General
e. Cash Payments and Cash Receipts

QUESTION 33
When compiling accounting records, for which of the following would a subsidiary ledger and control account system never apply?
a. Inventory
b. Accounts Receivable \& Accounts Payable
c. Marketable Securities
d. Plant and Equipment
e. None of the above

QUESTION 34
In the books of a business, which transaction below could result in a Debit balance in an Accounts Receivable ledger account?
a. Receipt of a deposit for work ordered
b. Return of faulty goods by a customer after payment had been made
c. Discount being allowed to a customer after the debt they owed was paid early
d. A debt owed to our Company which will not be paid
e. None of the above

Question

QUESTION 32

Columns for the items Discount Received and Discount Allowed can be found in which of the following Journals?
a. General, Sales and Purchases
b. Sales and Purchases
c. Cash Receipts, Cash Payments, Sales and Purchases
d. Purchases, Sales, Cash Receipts, Cash Payments and General
e. Cash Payments and Cash Receipts

QUESTION 33
When compiling accounting records, for which of the following would a subsidiary ledger and control account system never apply?
a. Inventory
b. Accounts Receivable \& Accounts Payable
c. Marketable Securities
d. Plant and Equipment
e. None of the above

QUESTION 34
In the books of a business, which transaction below could result in a Debit balance in an Accounts Receivable ledger account?
a. Receipt of a deposit for work ordered
b. Return of faulty goods by a customer after payment had been made
c. Discount being allowed to a customer after the debt they owed was paid early
d. A debt owed to our Company which will not be paid
e. None of the above

Accepted Answer

Hi P90103! It's great to see you're in College as a Freshman or Sophomore. Let's dive into your accounting questions. For QUESTION 32, the columns for Discount Received and Discount Allowed can be found in the Sales and Purchases Journal. For QUESTION 33, a subsidiary ledger and control account system would never apply to Plant and Equipment. And for QUESTION 34, a transaction that could result in a Debit balance in an Accounts Receivable ledger account is when a debt owed to our Company will not be paid. I hope these answers help clarify things for you! Let me know if you have any more questions.

Sia