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Stack #1585846

QuestionAnswer
Transactions that cannot be recorded In a special journal are recorded in a general journal. True
A general journal entry posted to accounts payable will also be posted to a subsidiary ledger account. True
Credit allowed for part of the purchase price of merchandise that is not returned results in an increase in the customers account. False
An entry recorded in a general journal will either increase all accounts or decrease all accounts affected by the entry. False
A debit memorandum prepared by a customer results in the customer recording a debit to the vendor account True
The normal account balance of Purchases Returns and Allowances is a debit. False
an entry in the general journal that affects accounts payable also affects a vendors account in the accounts payable ledger True
In a computerized accounting system, transactions recorded in a general journal are posted immediately after they are posted True
a completed general journal page should always be reviewed to be sure that all postings have been made True
a credit memorandum issued by a vendor results in the vendor recording a debit to the customers account False
the normal account balance of sales returns and allowances is a debit True
a sales return that credits the customers account is not recorded in a cash receipts journal because the transaction does not involve cash True
entries in the general journal only affect account balances in general ledger accounts False
the correcting entry to correct a sale on account recorded to the wrong customer in the sales journal involves only subsidiary ledger accounts True
net income increases a corporations total stockholders equity True
a corporations dividend account is a permanent account similar to a proprietorship drawing account False
dividends can be distributed to stockholders only by formal action of a corporations chief financial officer False
all corporations are required to declare dividends False
the stockholders equity account, dividends, has a normal debt balance True
most corporations pay a dividend by writing a single check to an agent, such as a bank, that distributes checks to individual stockholders True
Created by: RightLane
 

 



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