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Chapter 19 Acc II

QuestionAnswer
Revenue is recorded at the time goods or services are sold. Realization of Revenue
A cash discount on sales Sales discount
10% discount if amount is paid in 10 days and whole amount must be paid in 30 days. 1/10,n/30
Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor's accounts receivable Sales return
Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable. Sales allowance
A form prepared by the vendor showing the amount deducted for returns and allowances. Credit memorandum
A source document is prepared for each transaction. Objective evidence
A special journal used to record only sales of merchandise on account. Sales journal
A special journal used to record only cash receipt transactions. Cash Receipts journal
Goods or services shipped out of a seller's home country to a foreign country. Exports
Goods or services bought from a foreign country and brought into a buyer's home country. Imports
A document that details all the terms agreed to by seller and buyer for a sales transaction. Contract of sale
A letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount, provided stated conditions are met. Letter of credit
A receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise. Bill of lading
A statement prepared by the seller of merchandise addressed to the buyer, showing a detailed listing and description of merchandise sold, including prices and terms. Commercial invoice
A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party. Draft
A draft payable on sight when the holder presents it for payment. Sight draft
A draft that is payable at a fixed or determinable future time after it is accepted. Time draft
A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future. Trade acceptance
Visitors to foreign countries with a value added tax (---) typically are required to pay the ---. However, if items purchases exceed a specified amount, a refund of a portion of the --- can be requested. VAT
List the order of posting journals.(5) 1. Sales Journal 2. Purchases Journal 3. General Journal 4. Cash Receipts Journal 5. Cash Payments Journal
Created by: jralston