Please complete questions with the correct answers.

Question 4 O out of 1 points In which journal would a customer's partial payment be made? Selected Answer: a. cash disbursements journal Answers: a. cash disbursements journal b. sales journal c. cash receipts journal d. general journal Question 6 O out of 1 points What account is used in a periodic inventory system that is not used in a perpetual Xinventory system? Selected Answer: a. cost of goods sold Answers: a. cost of goods sold b. inventory C. sales returns and allowances d. purchases Question 7 O out of 1 points Sales discounts are a Selected Answer: b. cost of goods sold account with a debit balance Answers: a. contra-revenue account with a debit balance b. cost of goods sold account with a debit balance C. revenue account with a credit balance d. contra-revenue account with a credit balance Question 8 O out of 1 points What is the purpose of the schedule of accounts payable? Selected Answer: b. shows the total amount owed to all customers Answers: a. reconciles the amount purchased with the amount paid b. shows the total amount owed to all customers C. reconciles the amount sold with the amount received d. lists each creditor with the amount owed to each Question 10 O out of 1 points Purchase discounts are a Selected Answer: C. cost account with a credit balance Answers: a. contra-cost account with a debit balance b. cost account with a debit balance C. cost account with a credit balance d. contra-cost account with a credit balance Question 11 O out of 1 points The one common characteristic that all cash receipts journals have in common is Selected Answer: b. a credit to the cash account Answers: a. a debit to the sales journal b. a credit to the cash account c. a debit to the cash account d. a credit to the sales journal Question 14 O out of 1 points Under the perpetual inventory system, a reduction taken for making a payment to X the supplier early is Selected Answer: b. purchase discount Answers: a. an increase to the inventory account b. purchase discount c. sales discount d. a reduction to the inventory account Question 17 O out of 1 points Where would a partial payment on merchandise purchased be recorded? Selected Answer: b. purchase journal Answers: a. cash receipts journal b. purchase journal c. sales journal d. cash disbursements journal Question 20 O out of 1 points The A/P account on the balance sheet equals Selected Answer: c. the total amount owed to us from each creditor Answers: a, the total amount we owe each customer b. the total amount owed to us from each customer c. the total amount owed to us from each creditor d. the total amount we owe each creditor Question 21 O out of 1 points When we use special journals, what do we use the general journal for? Selected Answer: b. purchase of long-term asset with N/P Answers: a. all require general journal entries b. purchase of long-term asset with N/P c. owner investment of equipment d. owner W/D of machinery Question 22 O out of 1 points What is the purpose of the accounts payable subsidiary ledger? Selected Answer: to prove the balance of the A/P control account listed on the subsidiary ledger Answers: to prove the balance of the A/R control account listed on the balance sheet to prove the balance of the A/P control account listed on the subsidiary ledger to prove the balance of the A/P control account listed on the balance sheet to prove the balance of the A/R control account listed on the subsidiary ledger Question 24 O out of 1 points In what journal does the buyer of merchandise record the payment? Selected Answer: b. purchase journal Answers: a. cash disbursements journal b. purchase journal c. sales journal d. cash receipts journal Question 25 O out of 1 points In what journal does the seller of merchandise record the payment? Selected Answer: Csales journal Answers: a. cash disbursements journal b. purchase journal c. sales journal d. cash receipts journal Question 26 O out of 1 points In what journal does the buyer of merchandise report the transaction? Selected Answer: d. cash receipts journal Answers: a. purchase journal b. cash disbursements journal c. sales journal d. cash receipts journal