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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE F-8

Purpose: (L.O. 1 thru 3) This exercise will quiz you about terminology used in this chapter.

A list of accounting terms with which you should be familiar appear below.

Accounts payable (creditors') subsidiary ledger Purchases journal
Accounts receivable (customers') subsidiary ledger Sales journal
Cash payments (disbursements) journal Special journal
Cash receipts journal Subsidiary ledger
Control account

Instructions

For each item below, enter in the blank the term that is described.

  1. ________________A journal that is used to record similar types of transactions such as all credit sales.
  2. ________________A special journal used to record all sales of merchandise on account (on credit).
  3. ________________A special journal used to record all cash received.
  4. ________________A special journal used to record all purchases of merchandise on account (on credit).
  5. ________________A special journal used to record all cash paid.
  6. ________________A group of accounts with a common characteristic.
  7. ________________A subsidiary ledger that contains accounts with individual creditors.
  8. __________________A subsidiary ledger that contains individual customer accounts.
  9. _________________An account in the general ledger that controls a subsidiary ledger

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