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To post cash payments of purchases, debit ________ and credit _________.

a. purchase. cash

b. cash, accounts receivable

c. accounts payable, cash

d. cash, purchase Accounts Payable Debit column appears in the ________ Journal. a. Cash Receipts b. Sales c. Purchases d. Cash Payments What kind of a discount is not journalized? a. Cash discount b. Trade discount c. Sales discount d. Purchases discount Numerous transactions involving Cash credits are recorded in the ________ Journal and is posted as one total to Cash at the end of period. a. Cash Payments b. Sales c. Purchases d. Cash Receipts A __________ acts as an incentive for credit customers to pay their bills promptly. a. trade discount b. sale price discount c. new customer discount d. cash discount When determining the amount of purchase discount, do not include ___________ or_________ when calculating discount amount. a. freight in, purchase returns & allowance b. freight in, accounts payable c. freight in, purchase discount d. freight in, accounts receivable Credit terms of 2/10, n/60 represent that the seller offers ___% discount if the payment is made within ____ days of the invoice date a. 20, 60 b. 2, 60 c. 2, 10 d. 20, 10 he amount of discount granted is recorded as a debit to __________. a. Cash b. Sales Returns & Allowances c. Sales Discount When journalizing a cash receipt involving a sales discount, Accounts Receivable would be credited for the _____ amount of the original sales transaction. a. net, or adjusted b. different c. discount d. gross, or full d. Accounts Receivable The ______________ journal contains all transactions in which cash is increased. a. Cash Receipts b. General c. Sales d. Cash Payments

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