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Argylls Acc Ch. 9
| Question | Answer |
|---|---|
| Goods that a business purchases to sell | Merchandise |
| A business that purchases and sells goods | Merchandising Business |
| A business that buys and resells merchandise to retail merchandising businesses | Wholesale merchandising business |
| An organization with the legal rights of a person and could have many owners | Corporation |
| Each unit of ownership in a corporation | Share of stock |
| An owner of shares in a corporation | Stockholder |
| A journal used to record only one type of transaction | Special journal |
| Journal used for all purchases of merchandise on account | Purchases journal |
| Journal used when you pay cash | Cash Payments journal |
| Journal used for all sales of merchandise on account | Sales journal |
| Journal used when you receive cash | Cash receipts journal |
| Non-special journal | General journal |
| The price a business pays for goods it purchases to sell | Cost of merchandise |
| The amount added to the cost of merchandise to establish the selling price | Markup |
| A business from which merchandise is purchased | Vendor |
| The normal balance side of the Purchases account | Debit |
| A journal column headed with an account title | Special amount column |
| Source used when you have a purchase on account | Purchase invoice |
| A deduction a vendor allows on the invoice amount to encourage prompt payment | Cash discount |
| A cash discount on purchases by the customer | Purchases discount |
| A journal column that is not headed by an account title | General column |
| A retail price listed in a catalog or Internet | List price |
| A reduction in the list price | Trade discount |
| The "n" of 2/10, n/30 stands for this | Net |
| An account that reduces a related account on a financial statement | Contra account |
| A contra account of purchases | Purchases Discount |
| A petty cash on hand amount that is less than a recorded amount | Cash short |
| A petty cash on hand amount that is more than a recorded amount | Cash over |
| Trying to get your debit and credit totals of a journal to equal | Proving the journal |
| Credit allowed for the purchase price of returned merchandise | Purchases return |
| A form prepared by the customer showing the price reduction taken by a customer for returns and allowances | Debit memorandum |
Created by:
mgargylls
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