The General Ledger Accounts Used When Posting the Sales Journal

question 10

Multiple Choice

The general ledger accounts used when posting the sales journal are:

• A)cash, sales revenue, accounts receivable, and inventory.
• B)sales returns and allowances, sales revenue, accounts receivable, and cost of goods sold.
• C)sales revenue, cost of goods sold, inventory, and accounts receivable.
• D)sales discounts, sales returns and allowances, sales revenue, and accounts receivable.

---

Definitions:

Units-Of-Production Method

A depreciation method that allocates cost based on the actual usage, activity, or units of production of the asset.

Scrap Value

The estimated resale value of an asset at the end of its useful life, often considered in depreciation calculations.

Units-Of-Production Method

A depreciation method that allocates the cost of an asset over its useful life based on the units it produces, reflecting usage intensity.

Scrap Value

The estimated resale value of an asset at the end of its useful life, often considered when assessing depreciation for accounting purposes.