1. The individual amounts in the sales journal are posted to the accounts receivable subsidiary ledger
2. In which journal would a cash purchase of merchandise inventory be recorded?
Cash payments journal
None of these.
3. During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system.
July 3 20 units @ $12 July 13 25 units
11 20 units @ $13 22 10 units
20 10 units @ $15
Under the FIFO method, the cost of goods sold for each sale is:
July 13 July 22
4. In large companies, the independent internal verification procedure is often assigned to