1141. The return of goods by a customer should be debited to :

A. Customer’s accounts
B. Sales returns account *
C. Goods account
D. Purchases account

1142. The rent paid to the landlord should be credited to :

A. Landlord’s account
B. Rent account
C. Cash account *
D. Rent outstanding account

1143. The cash discount allowed to a debtor should be credited to :

A. Discount account
B. Customer’s account
C. Sales account
D. Creditor’s account *

1144. In the event of a bad debt, the money should be credited to:

A. Debtor’s account *
B. Bad debts account
C. Sales account
D. Creditor’s account

1145. The sale of business asset on credit is recorded in :

A. Sales Journal
B. General Journal *
C. Cash receipt journal
D. None of the above

1146. The book in which accounts are maintain is called :

A. Daybook
B. Journal
C. Ledger *
D. Sales book

1147. The debits and credits of journalized transaction are transferred to :

A. Chronological book
B. Ledger *
C. Journal
D. Purchase book

1148. The closing balance of the current year will be the opening balance of the :

A. Last year
B. Current Year
C. Next Year *
D. None of the above

1149. Excess of debit over credit is called :

A. Debit balance *
B. Credit balance
C. Closing balance
D. Opening balance

1150. The process of recording a transaction in ledger is called :

A. Posting *
B. Journalizing
C. Entry
D. Recording