Study
Guide
11
Name Perfect
Score
Your
Score
Identifying Accounting Terms 11 Pts.
Analyzing Accounting Concepts and Practices 20 Pts.
Analyzing Transactions Recorded in Journals 15 Pts.
Total 46 Pts.
Part One—Identifying Accounting Terms
Directions: Select the one term in Column I that best fits each definition in
Column II. Print the letter identifying your choice in the Answers column.
Answers
1.
2.
3.
Column I
A. board of directors
B. credit memorandum
C. debit memorandum
Column II
1. A journal with two amount columns in which all kinds of
entries can be recorded. (p. 320)
2. Credit allowed for the purchase price of returned
merchandise,resulting in a decrease in the customer’s
account payable to the vendor. (p. 322)
3. Credit allowed for part of the purchase price of merchandise
that is not returned, resulting in a decrease in the customer’s
account payable to the vendor. (p. 322)
F
H
G
Part Two—Analyzing Accounting Concepts and Practices
Directions: Place a T for True or an F for False in the Answers column to show whether
each of the following statements is true or false.
1. Transactions that cannot be recorded in a special journal are recorded in a general journal. (p. 320)
2. A general journal entry posted to Accounts Payable will also be posted to a subsidiary
ledger account. (p. 321)
3. Credit allowed for part of the purchase price of merchandise that is not returned results
in an increase in the customer’s account. (p. 322)
8. In a computerized accounting system, transactions recorded in a general journal are
posted immediately after they are entered. (p. 325)
9. A completed general journal page should always be reviewed to be sure that all postings
have been made. (p. 325)
10. A credit memorandum issued by a vendor results in the vendor recording a debit to the
customer’s account. (p. 327)
11. The normal account balance of Sales Returns and Allowances is a debit. (p. 327)
12. A sales return that credits the customer’s account is not recorded in a cash receipts
journal because the transaction does not involve cash. (p. 328)
13. Entries in the general journal only affect account balances in general ledger accounts. (p. 329)
14. The correcting entry to correct a sale on account recorded to the wrong customer in the
sales journal involves only subsidiary ledger accounts. (p. 330)
15. Net income increases a corporation’s total stockholders’ equity. (p. 332)
Answers
1.
2.
3.
8.
9.
10.
11.
12.
13.
14.
15.
T
T
F
T
T
F
T
T
F
T
T
Part Three—Analyzing Transactions Recorded in Journals
Directions: In Answers Column l, print the abbreviation for the journal in which each transaction
is to be recorded. In Answers Columns 2 and 3, print the letters identifying the subsidiary and
general ledger accounts to be debited and credited for each transaction.
GJ—General journal; CPJ—Cash payments journal
Answers
123
Account Titles Transactions Journal Debit Credit
A. Accounts Payable
B. Accounts Receivable
C. Cash
1-2-3. Bought office supplies on account
from Walton Supply. (p. 321)
1. 2. 3.
4-5-6. Returned merchandise to Yeats
Corporation. (p. 323)
4. 5. 6.
Name Date Class
GJ
GJ
K
A, N
A, M
G
Across
1. Credit allowed to a customer for part of the sales
price of merchandise that is not returned,
resulting in a decrease in the accounts receivable
of the merchandising business.
4. Credit allowed for the purchase price of returned
merchandise, resulting in a decrease in the
customer’s account.
Down
2. Credit allowed to a customer for the sales price of
returned merchandise, resulting in a decrease in
the accounts receivable of the merchandising
business.
3. Processes and procedures employed within a
business to ensure that its operations are
conducted ethically, accurately, and reliably.
2
7
4
3
56
1
2
7
4
3
56
1SALES
A
L
E
S
R
EB ITME
T
A
I
N
R
E
D
I
T
C
MO RANDUM
I
NPURCHA SESRETUR
T
E
R
N
A
L
C
D
T
U
R
N
ALLOWANC E
2
7
4
3
56
1
11-1 WORK TOGETHER, p. 326
Journalizing and posting transactions using a general journal
1., 2.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
2.
VENDOR Griffin, Inc. VENDOR NO. 220
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Dec. 1 Balance ✔9 5 8 00
12
20–
Dec. 5 Supplies—Office M57 1145 5 3 2 00
Accounts Payable/Milam Corp. 2110
250 5 3 2 00
7 Accounts Payable/Griffin, Inc. DM32 2110
7 G12 2 4 8 00 7 1 0 00
11-1 WORK TOGETHER (concluded)
2.
ACCOUNT Supplies—Office ACCOUNT NO. 1145
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Dec. 1 Balance ✔2 9 4 8 00
ACCOUNT Purchases Returns and Allowances ACCOUNT NO. 5130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Dec. 1 Balance ✔4 1 9 4 60
5 G12 5 3 2 00 3 4 8 0 00
7 G12 2 4 8 00 4 4 4 2 60
Name Date Class
11-1 ON YOUR OWN, p. 326
Journalizing and posting transactions using a general journal
1., 2.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
9 9
2.
VENDOR Branker Supply VENDOR NO. 210
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Dec. 1 Balance ✔3 4 8 00
VENDOR Olen, Inc. VENDOR NO. 230
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Dec. 1 Balance ✔8 1 9 00
12
20–
Dec. 15 Accounts Payable/Olen, Inc. DM33 2110
230 2 5 5 00
Purchases Returns and Allowances 5130 2 5 5 00
23 G12 6 9 00 2 7 9 00
15 G12 2 5 5 00 5 6 4 00
11-1 ON YOUR OWN (concluded)
2.
ACCOUNT Supplies—Office ACCOUNT NO. 1145
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Dec. 1 Balance ✔3 0 4 9 60
ACCOUNT Accounts Payable ACCOUNT NO. 2110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Dec. 1 Balance ✔3 0 4 4 00
28 G12 1 9 8 00 3 2 4 7 60
15 G12 2 5 5 00 2 7 8 9 00
22 G12 2 5 1 00 3 0 4 0 00
23 G12 6 9 00 2 9 7 1 00
28 G12 1 9 8 00 3 1 6 9 00
Name Date Class
11-2 WORK TOGETHER, p. 331
Accounting for sales returns and allowances using a general journal
1., 2.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
6
20–
June 4Sales Returns and Allowances CM28 4130 2 4 5 00
Sales Tax Payable 2120 1 4 70
Accounts Receivable/Keller Associates 1130
11-2 WORK TOGETHER (continued)
2.
CUSTOMER Abraham Corporation CUSTOMER NO. 110
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
June 1 Balance ✔1 6 4 9 50
CUSTOMER Karson Properties CUSTOMER NO. 130
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
June 1 Balance ✔1 6 4 7 60
CUSTOMER Lambert Schools CUSTOMER NO. 150
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
June 1 Balance ✔3 4 9 0 00
9 G6 6 2 3 00 1 0 2 6 50
26 G6 5 9 8 00 1 0 4 9 60
12 G6 2 0 6 00 3 2 8 4 00
Name Date Class
11-2 WORK TOGETHER (concluded)
2.
ACCOUNT Accounts Receivable ACCOUNT NO. 1130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 1 Balance ✔9 1 8 7 75
ACCOUNT Sales Returns and Allowances ACCOUNT NO. 4130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 1 Balance ✔2 4 8 7 60
4 G6 2 5 9 70 8 9 2 8 05
12 G6 2 0 6 00 8 7 2 2 05
4 G6 2 4 5 00 2 7 3 2 60
12 G6 2 0 6 00 2 9 3 8 60
11-2 ON YOUR OWN, p. 331
Accounting for sales returns and allowances using a general journal
1., 2.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
7
20–
July 5Sales Returns and Allowances CM36 4130 2 4 5 00
Accounts Receivable/City Food Bank 1130
120 2 4 5 00
11-2 ON YOUR OWN (continued)
2.
CUSTOMER Bettsworth Hospital CUSTOMER NO. 110
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
July 1 Balance ✔1 6 4 9 50
CUSTOMER Learning Playhouse CUSTOMER NO. 130
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
July 1 Balance ✔1 6 4 7 60
CUSTOMER Paulson Café CUSTOMER NO. 140
DATE ITEM POST.
REF. DEBIT CREDIT DEBIT
BALANCE
20–
July 1 Balance ✔1 7 1 6 40
23 G7 4 8 9 00 1 1 6 0 50
8 G7 8 4 6 00 2 4 9 3 60
19 G7 1 6 8 01 1 5 4 8 39
11-2 ON YOUR OWN (concluded)
2.
ACCOUNT Accounts Receivable ACCOUNT NO. 1130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
July 1 Balance ✔9 1 8 7 75
ACCOUNT Sales Returns and Allowances ACCOUNT NO. 4130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
July 1 Balance ✔2 4 8 7 60
5 G7 2 4 5 00 8 9 4 2 75
19 G7 1 6 8 01 8 7 7 4 74
5 G7 2 4 5 00 2 7 3 2 60
19 G7 1 5 8 50 2 8 9 1 10
11-3 WORK TOGETHER, p. 336
Journalizing the declaration and payment of dividends
NO.
POST.
REF. DEBIT CREDIT
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
15
12
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
11-3 ON YOUR OWN, p. 336
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
13 13
14 14
15 15
16 16
TE
12
15 Dividends M98 21 0 0 0 00
Dividends Payable 21 0 0 0 00
Name Date Class
11-1 APPLICATION PROBLEM (LO2, 3), p. 339
Journalizing and posting purchases transactions using a general journal
1., 2.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1
1
2 2
3 3
4 4
5 5
12
20–
Dec. 2Supplies—Store M85 1150 1 5 3 00
Accounts Payable/Daniels Supply 2110
210 1 5 3 00
6Accounts Payable/Mason Molds DM23 2110
230 1 0 7 00
Purchases Returns and Allowances 5130 1 0 7 00
7Accounts Payable/Harris Paints DM24 2110
220 1 2 9 00
11-1 APPLICATION PROBLEM (continued)
2.
VENDOR Daniels Supply VENDOR NO. 210
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Dec. 1 Balance ✔1 1 2 3 00
VENDOR Mason Molds VENDOR NO. 230
DATE ITEM POST.
REF. DEBIT CREDIT CREDIT
BALANCE
20–
Dec. 1 Balance ✔6 4 0 00
2 G12 1 5 3 00 1 2 7 6 00
6 G12 1 0 7 00 5 3 3 00
Name Date Class
11-1 APPLICATION PROBLEM (concluded)
2.
ACCOUNT Supplies—Office ACCOUNT NO. 1145
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Dec. 1 Balance ✔4 2 6 0 00
ACCOUNT Accounts Payable ACCOUNT NO. 2110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
Dec. 1 Balance ✔6 4 9 1 00
9 G12 2 9 2 00 4 5 5 2 00
2 G12 1 5 3 00 6 6 4 4 00
6 G12 1 0 7 00 6 5 3 7 00
7 G12 1 2 9 00 6 4 0 8 00
9 G12 2 9 2 00 6 7 0 0 00
11-2 APPLICATION PROBLEM (LO4, 5, 6), p. 339
Accounting for sales returns and allowances using a general journal
1., 2.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1
1
2 2
3 3
9
20–
Sept. 3John Auburn M160 110 1 5 6 2 00
Mary Best 120 1 5 6 2 00