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Accounting chapter 9
chapter 9
| Question | Answer |
|---|---|
| The cost account ____________ is used only to record the selling price of the merchandise sold. | Purchases |
| The source document for most cash payments is a(n) _______. | check |
| The petty cash account Cash Short and Over is a ____________ account. | temporary |
| Buying supplies on account is recorded in the __________ journal. | general |
| A ___________ journal includes a special amount column for the cash account and the accounts payable account. | cash payments |
| The amount added to the cost of merchandise to establish the selling price is known as the ____. | markup |
| The source document for recording a purchase on account transaction is a(n) ____. | invoice |
| The price a business pays for goods it purchases to sell is ____. | cost of merchandise |
| A form prepared by the customer showing the price deduction taken by the customer for returns and allowances is a ____. | debit memorandum |
| A deduction that a vendor allows on the invoice amount to encourage prompt payment is called ____. | cash discount |
| An agreement between a buyer and a seller about payment for merchandise is the ____. | terms of sale |
| A reduction in the list price granted to customers is called a ___________. | trade discount |
Created by:
julieoelschlager
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