| Question |
Answer |
| The ___ is the actual cost of the business of the merchandise to be sold to customers | Cost of Merchandise |
| A(n) ___ contains a folder for each day of the month. | Tiokler file |
| A(n) __ is the period of time within which an invoice must be paid if a discount is to be taken | Discount period |
| A(n) __ is a written offer to a supplier to buy certain items. | Purchase Order |
| The _____ is a ledger that contains acounts for all creditors and the amount owed to each. | Accounts Payable Subsidiary Ledger |
| A(n) ___ is a stamp placed on an invoice that outlines a set of steps to be followed in processing the invoice for payment. | Processing Stamp |
| The ____ is the account used to record the cost of new merchandise | Purchases Account |
| A written request that a certain item or items be ordered is a(n) ____ | Purchase Requisition |
| The ____ is the date by which an invoice must be paid. | Due Date |
| A bill that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer is a(n) ____ | Invoice |
| A form that lists the items included in a shipment is a(n) ____ | Packing Slip |
| A(n) ____ is a cash discount offered by suppliers for prompt payment. | Purchases Discounts |
| A(n) _____ is charged by a bank for handling the bankcard sales slip deposited by a business; it is usually calculated as a percentage fo the total bankcard sales. | bankcard fee |
| _____ means that the supplier pays the shipping cost to the buyer's destination or location. | FOB destination |
| The ____ is the amount paid for insurance. | Premium |
| The cost of merchandise account that is used to record shipping charges on goods is the _____ | Transportation In account |
| When a business returns merchandise bought on account to the supplier for full credit, a(n) occurs___ | Purchases return |
| _____ means that the buyer pays the shipping charge from the supplier's place | FOB Shipping Point |
| A price reduction received by a business for unsatisfactory merchandise kept is a(n) ___ | Purchases Allowance |
| The form a business uses to notify its supplier of a return or allowance is called a(n) _____ | Debit Memorandum |
| The purchases account has a normal ____- balance | Debit |
| The Transportation Account has a normal ____ balance | Debit |
| The Purchases Account is categorized as a ______ type of account. | Cost of Merchandise |
| The Transportation Accounts is categorized as a _______ type of account. | Cost of Merchandise |
| Purchase Discounts is increased on the ____ side. | Credit |
| Purchase Returns and Allowances is increased on the _______ side. | Credit |
| Purchase Discounts is categorized as a(n) ____ type of account. | Contra Cost of Merchandise |
| Purchase Returns & Allowances is categorzied as a(n) _____ type of account. | Contra Cost of Merchandise. |
| A(n)____ is a special journal used for recording the sale of merchandise on account. | Sales Journal |
| The _____ is the date by which the invoice must be paid if a discount is to be taken. | Due Date |
| A(n) _____ is a separate ledger that contains accounts for all creditors. | Accounts Payable Subsidiary Ledger |
| _____ is an account in the general ledger that controls the accounts receivable subsidiary ledger. | Accounts Receivable |
| The ____ is a special journal used for recording all cash received by the business. | Cash Receipts Journal |
| _____ is an account in the general ledger that controls the accounts payable subsidiary ledger. | Accounts Payable. |
| The ____ is an all-purpose journal used for recording transactions that do not fit into a special journal. | General Journal |
| The process of determining whether the amount of cash recorded in the accounting records of a business agrees with the amount recorded in its checkbooks is called _____. | Proving Cash |
| A special journal used for recording all cash paid out of the business is the ______. | Cash Payments Journal |
| The ____ is a separate ledger that contains all charge customers accounts. | Accounts Receivable Subsidiary Ledger |
| The _____ is a special journal used for recording all purchases of assets on account. | Purchase Journal |
| The ____ is a list of all creditors in the accounts payable subsidiary ledger, the balance of each account, and the total owed to all creditors | Schedule of Accounts Payable |
| A(n) ___ is an account in the general ledger that acts as a control on the accuracy of the accounts in the subsidiary ledger. | Controlling Account |
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