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Chapter 11

TermDefinition
General Journal A journal with two amount columns in which all kinds of entries can be recorded
FYI – Maintaining equality A general journal entry posted to a controlling account, will also be posted to a subsidiary ledger account
Purchases Return Credit allowed for the purchase price of return merchandise, resulting in a decrease in the customers accounts payable to the vendor
Purchases Allowance Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers accounts payable to vendor
Debit Memorandum A form prepared by the costumer showing the price deduction taken by the customer for a return or an allowance
FYI – Returns & Purchases decrease the total value of merchandise purchased
FYI – Purchases Contra Account Purchases returns and allowances
FYI – Diagonal line purpose allows there to be recording of two purchases
FYI – 4 types of merchandise returned wrong item, damaged goods, credit on account, cash refund
Sales Return Credit allowed to a customer for the sales price of returned merchandise resulting in a decrease in the accounts receivable of the merchandising business
Sales Allowance Credit allowed to the customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the Accounts Receivable of the merchandising business
Credit Memorandum A form Prepared by the vendor showing the amount deducted for returns and allowances
FYI – Sales Contra Account Sales returns and allowances
Retained Earnings An amount earned by a corporation and not yet distributed to stockholders
Dividends Earnings distributed to stockholders
Board of Directors A group of persons elected by the stockholders to govern the corporation
FYI – Business Entity The stockholders equity account: Dividends
Declaring a Dividend Action by a board of directors to distribute corporate earnings to stockholders
FYI – Paying of Dividends Announced on one date, paid on another.
Created by: andrew.v
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