Question

2. In the receipts journal, once we select the customer we are not required to enter - a. the payment amount b. the original amount c. the date of payment d. we need to enter all the above details 3. The purchases journal may be used for the following - a. credit or pay later purchase transactions b. purchase transactions paid by cash c. purchase transactions paid by cheque d. all of the above 4. To correct a general journal entry, you should - a. choose the adjust an entry option, choose the transaction, edit it and post b. make a reversing entry and then enter the transaction correctly c. make a reversing entry to cancel the original incorrect entry d. enter the transaction correctly - when you use the same source number, the original entry is cancelled 5. The receipts journal may be used for the following - a. full cash payment from customers b. partial cash payment from customers c. customers paying more than one invoice with a single cheque d. all of the above

Answer 1

Solutions :

2.(b) The Original Amount

Reason :In Receipt journal only the amount received will be entered against the original bill number, there is no requirement for entering the original bill amount once again.

3(a) Credit or Pay later purchase transactions

Reason : In purchase journal only credit purchases or purchases which will settle in future date will be recorded.

4(c)Make the reversing entry and then enter the transaction correctly.

Reason : if we pass reversal of wrong entry it will automatically get nullified so new correct entry will only have the effect.

5(d)All the Above

Reason : In Receipt journal all recept of cash and cheques whether it is related to present or past or future will be recorded.