Special Journals: Sales and Cash Receipts
Winning Competitive Events
- Accounting systems for most merchandising businesses include special journals.
- The two special journals used to account for many merchandising transactions are the cash receipts journal and the sales journal.
- Posting from the special journals is handled in a systematic way.
- All special journals are totaled and proved at the end of every month.
- The sales journal is used for recording both cash sales and credit sales.
- The individual amounts in the Sales Credit column of the cash receipts journal are posted to the accounts receivable subsidiary ledger.
- A sales return or sales allowance is recorded in the sales journal.
- Which of the following transactions would not be recorded in the cash receipts journal? (A) bank service charge (B) cash sales, (C) cash received from charge customers, (D) bankcard sales.
- To find the balance due from an individual charge customer the accountant would refer to the (A) sales journal, (B) Sales account in the general ledger, (C) sales journal and the cash receipts journal, (D) accounts receivable subsidiary ledger.
Review the following Key Terms from Chapter 16 when preparing for the contest.
cash receipts journal
schedule of accounts receivable
Regular study and review is the best way to get good test results, but there are other things you can do to prepare for the contest.
- Get enough rest the night before the test. Don't try to "cram." If you haven't mastered the material by now, cramming will not help.
- Eat a good breakfast.
- Try to relax. If you've prepared yourself for the test, be confident in your ability to do well.
- Dress in appropriate business attire. Not only will you project a good image of yourself and your school, you will also feel good about yourself and be more confident.
- Before the test date, double-check the location for the examination. Allow yourself enough time to get to the event.
- Be sure to take along the supplies that you will need: pencils, pen, ruler, and eraser. If handheld calculators are permitted, take one along.
- When you arrive at the test location, sit near the front of the room, not in the back.
- Listen to the instructions and guidelines from the test moderator.
- Read the test directions carefully.
- Skim the entire test quickly.
- Begin answering the questions.
- Mark those questions you cannot answer immediately and go on to other questions.
- When you have finished, return to the questions you marked.
Taking True or False Tests
- Read the directions carefully so that you will know how to mark your answers.
- Read each statement slowly and carefully. If any part of the statement is not accurate, then the entire statement is false. For the statement to be true, every part must be true.
- Look for "clue" words that usually make a statement false. Some of these words are always, all, none, only, and very. Words such as usually and generally are often used with true statements.
- Watch for negative statements; these tend to be tricky.
- With true/false tests, your first hunch is usually correct.
- Do not look for a pattern in the answers; there usually isn't one.
Taking Multiple Choice Tests
- Read the directions carefully. Usually only one answer is required; however, sometimes more than one answer may be necessary.
- Read the statement and try to complete it before you look at the choices. If your answer is among the choices, mark it.
- Eliminate the obviously incorrect answers, and then select what you feel to be the correct answer. Test the answer by adding it to the statement and reading the completed statement to yourself.
- If you cannot answer the question, look for words that automatically eliminate certain choices. Eliminate choices that do not fit grammatically with the question. Eliminate choices that seem too vague or general.
Taking Matching Tests
- In matching tests, you are asked to match a term in one column with a term or statement in another column. Read through all the possibilities before answering. Look for the most appropriate answer.
- Unless otherwise noted, an answer may be used more than once. In addition, there are often more choices than are needed.
- Match the items you are sure about first.
- Eliminate inappropriate choices. For example, if a question requires an answer that is a noun, you can eliminate all choices that are verbs. Choose your answer from the remaining choices.
Taking Completion Tests
- These "fill-in-the-blank" questions require specific answers. Read each question carefully and write the best possible answer.
- Check your answer by reading the completed sentence to yourself, to make sure your response makes sense.
Taking Problem Tests
1. To prepare for problem tests, do sample problems over and over until you are sure of yourself.
2. Read through the directions for each problem carefully, to make sure you understand exactly what you are to do.
3. Allow time to check your work, making sure there are no careless calculation errors. Be sure that you have completed each instruction in the problem. You may want to cross off an instruction after you are done with it.