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Accounting chapter 9

chapter 9

QuestionAnswer
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