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