Reference no: EM132787906

Problem 1: What item is placed under the "PR" or post reference of a general journal?

A) Amount debited or credited

B) The page number of the general ledger where the amount of the account debited/credited is posted

C) The page number of the subsidiary ledger where the amount of the account debited/credited is posted

D) Account number of the account that was posted

Problem 2: If a customer agrees to retain merchandise that is defective because the seller is willing to reduce the selling price, this transaction is known as a sales:

A) bonus

B) return

C) discount

D) allowance

Problem 3: The financial statement that reports assets, liabilities and equity is the:

A) Statement of Financial Position

B) Post-closing Trial Balance

C) Income statement

D) Statement of Changes in Equity