Accounting Ch 18 Voc Word Scramble
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| Question | Answer |
| An organization with the legal rights of a person and which may be owned by many persons. | Corporation |
| Each unit of ownership in a corporation | Share of stock |
| The total shares of ownership is a coporation. | Capital stock |
| A journal used to record only one kind of transaction | Special journal |
| A special journal to record only purchases of merchandise on account. | Purchases journal |
| A petty cash on hand amount that is more than a recorded amount | Cash over |
| A reduction in the list price granted to customers | Trade discount |
| A form prepared by the customer showing the price deduction taken by the customer for returns and allowances | Debit memorandum |
| A journal with two amount columns in which all kinds of entries can be recorded | General journal |
| Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers accounts payable | Purchases return |
| A deduction from the invoice amount, allowed by a vendor to encourage early payment | Cash discount |
| A business's printed or catalog price | List price |
| A cash discount on purchases taken by a customer | Purchases discount |
| A petty cash on hand amount that is less than a recorded amount | Cash short |
| An account that reduces a related account on a financial statement | Contra account |
| Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers accounts payable | Purchases allowance |
| A special journal used to record only cash payment transactions | Cash payments journal |
Created by:
Mrs Holcomb
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