Study sets
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Japan Chamber of Commerce Bookkeeping Grade 3 | Merchandise Journal Entries 01

1 / 100.0s

Problem 1 ・ Question 1 / 10

Purchases and sales of goods are accounted for under the three-account method.

Goods worth 100,000 yen are purchased on account. Which account is debited?

View explanation

Under the three-account method, buying goods is recorded as a debit to Purchases.

Problem 1 ・ Question 2 / 10

Purchases and sales of goods are accounted for under the three-account method.

Goods worth 80,000 yen are sold on account. Which account is credited?

View explanation

Revenue from selling goods is recorded as a credit to Sales.

Problem 1 ・ Question 3 / 10

Purchases and sales of goods are accounted for under the three-account method.

Goods worth 50,000 yen sold on account are returned. Which account is debited?

View explanation

A sales return cancels a sale, so Sales is entered on the debit side.

Problem 1 ・ Question 4 / 10

Purchases and sales of goods are accounted for under the three-account method.

Goods worth 30,000 yen bought on account are returned. Which account is debited?

View explanation

The purchase return reduces the obligation to pay, so Accounts payable is entered on the debit side.

Problem 1 ・ Question 5 / 10

Purchases and sales of goods are accounted for under the three-account method.

Goods worth 200,000 yen are purchased and 5,000 yen of inward freight is paid in cash. What amount is recorded in the Purchases account?

View explanation

Incidental purchase costs are included in the acquisition cost of the goods, giving 205,000 yen.

Problem 1 ・ Question 6 / 10

Purchases and sales of goods are accounted for under the three-account method.

Goods are sold and 3,000 yen of outward freight is paid in cash at the company's own expense. Which account is debited for the freight?

View explanation

Outward freight borne by the company is treated as the expense Freight out.

Problem 1 ・ Question 7 / 10

Purchases and sales of goods are accounted for under the three-account method.

On accounts receivable of 100,000 yen, an allowance of 2,000 yen is given and the balance received in cash. What amount is debited to sales allowances?

View explanation

The 2,000 yen waived from the receivable is treated as a reduction in sales.

Problem 1 ・ Question 8 / 10

Purchases and sales of goods are accounted for under the three-account method.

Accounts payable of 70,000 yen are settled from the ordinary deposit account. Which account is debited?

View explanation

Payment reduces the liability, so Accounts payable is entered on the debit side.

Problem 1 ・ Question 9 / 10

Purchases and sales of goods are accounted for under the three-account method.

Accounts receivable of 40,000 yen are collected by transfer into the ordinary deposit account. Which account is debited?

View explanation

The ordinary deposit increases, so Ordinary deposit is entered on the debit side.

Problem 1 ・ Question 10 / 10

Purchases and sales of goods are accounted for under the three-account method.

Which is the journal entry for selling goods worth 60,000 yen for cash?

View explanation

The increase in the asset Cash is recorded on the debit side and the increase in the revenue Sales on the credit side.