College Accounting Ch 14
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| Contra-Cost Accounts | Accounts that are deducted from the purchases account when computing cost of goods sold - Purchases Returns and Allowances, and Purchase Discounts.
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| Contra-Revenue Accounts | Accounts that are deducted from Sales on the income statement - Sales Returns and Allowances, and Sales Discounts.
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| Inventory Short and Over | An account used to adjust the perpetual inventory records when a difference exists between the physical count and the amount in the perpetual inventory records.
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| Unearned Revenue | Cash received in advance of. Delivering a product or performing a service.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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