When the Totals of the Sales Journal Are Posted at the End

question 12

Multiple Choice

When the totals of the sales journal are posted at the end of the month there will be credits to

• A) Sales Revenue and Inventory and debits to Accounts Receivable and Cost of Goods Sold.
• B) Accounts Receivable and Cost of Goods Sold and debits to Sales Revenue and Inventory.
• C) Sales Revenue and debits to each individual customer account.
• D) the Sales Revenue account only and no debits.

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Definitions:

Standard Of Living

The degree of riches, ease, possessions, and essentials accessible to a specific social class or region.

Most Important

The highest priority or value assigned to an element or factor in a set of choices or decisions.

Clustering

The act of grouping a set of objects in such a way that objects in the same group are more similar to each other than to those in other groups.

Performance Advantage

A competitive edge that a company or economy holds, due to factors like superior efficiency, technology, or innovations, contributing to better performance.