1) Purchase goods on credit from KLM LTD. a) Sales Journal b) Cash Book c) Purchases Journal d) Purchases Returns Journal 2) Issued an invoice to Zeek's Supplies for goods sold. a) Sales Journal b) Purchases Journal c) Sales Returns Journal d) Purchases Returns Journal 3) Received an invoice from Jenny Rogers. a) Sales Journal b) Sales Returns Journal c) Cash Book d) Purchases Journal 4) Sold goods on credit to Sun Shine Trading. a) Sales Journal b) Purchases Journal c) Sales Returns Journal d) Purchases Returns Journal 5) X sends back $800 of faulty goods to Y, which book of prime entry would Y record this transaction? a) General Journal b) Sales Journal c) Purchases Journal d) Sales Returns Journal 6) A product is subject to a 20% trade discount. Its list price is $600. What is the sale price? a) $120 b) $480 c) $580 d) $720 7) A trader received an invoice for $4,000 less 25% trade discount. Subsequently he returned 1/8 of the value of the goods. What amount would be entered in his Returns Outwards Account?  a) $450 b) $400 c) $375 d) $500

BOOKS OF ORIGINAL ENTRY

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