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i or if business uses special journals, it generally will not need a general ournal, a - 3. LO2 4. LO3 5. LO4 All sales, for cash or on credit, are recorded in the sales journal. A cash receipts journal is used to record all cash receipts transactions. Purchases returns and allowances are recorded in the general journal Multiple Choice 1. LO2 The first step in posting the sales journal to the general ledger is to (a) total and verify the equality of the amount columns. (b) enter the date in the Date column of the ledger account. (c) enter the new balance in the Balance columns of the ledger account. (d) enter the ledger account number below the column totals in the journal. 2. LO3 In the cash rececipts journal, each amount in the General Credit column is posted (a) daily (b) weekly (c) at the end of the month. (d) at the end of the year. 3. LO4 The journal that should be used to record the return of merchandise credit is the (a) purchases journal. (b) cash payments journal. (c) general journal. (d) accounts payable journal. 4. LO4 A purchases journal is used to record al a) purchases (b) cash purchases. (c) purchases of merchandise on account (d) purchases returns and allowances 5. LOS In the cash payments journal, each amount in the General Debit col- umn is posted (a) daily (b) weekly. (c) at the end of the month. (d) at the end of the year. Checkpoint Exercises 1. LO2 Enter the following transaction in a sales journal like the one illus in the chapter: June 1 Made Sale No. 214 on account to Erin Lucas, $840, plus $42 sa 2. LO3 Enter the following transactions in a cash receipts journal like th illustrated in the chapter: from Frin Lucas, $882

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