What is the correct journal entry when you purchase


1. After posting journal entries, you should verify the balances in individual accounts by printing the:

General Ledger Trial Balance report

Income Statement report

General Journal report

Balance Sheet report

2. What is the correct journal entry when you purchase inventory stock items?

Dr. The Accounts Payable/Vendor account; Cr. The Inventory account

Dr. The Accounts Receivable/Customer account; Cr. The Sales account

Dr. The Inventory account; Cr. The Accounts Payable/Vendor account

Dr. The Cash account; Cr. The Revenue account

3. What would you select from the main menu if an employee breaks a piece of inventory?

Vendors and Payables??Inventory Adjustments

Vendors and Payables>>Damaged Inventory

Inventory and Services>> Inventory Adjustments

Inventory and Services>>Inventory Returns

4. The report that lists all the accounts and the identifying number assigned to each account is called:

Chart of Accounts

General Ledger

General Journal

General Ledger Trial Balance

5. If your GL Account columns and A/P Account field are not displayed on the Purchases/Receive Inventory window, you need to:

Check the Tasks windows

Check the maintenance menus

Click on Options; Global and uncheck the three boxes in the Hide General Ledger Accounts section

Reset the defaults in the Accounting Behind the Screens selection

6. On a sales invoice, the field that links the transaction to inventory items sold on the transaction is called the:

Customer Name field

Item field

Customer ID field

Type field

7. The inventory item class used to identify goods purchased and held for resale is called the:

Stock item

Non-stock item

Service item

Activity item

8. The inventory system where an up-to-date record of inventory is maintained is called the:

Retail

Periodic

Perpetual

None of the above

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Financial Accounting: What is the correct journal entry when you purchase
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