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Accounting 9-2
| Question | Answer |
|---|---|
| Cash payments journal | A special journal used to record only cash payment transactions |
| Cash discount | A deduction that a vendor allows on the invoice amount to encourage prompt payment |
| Purchases discount | A cash discount on purchases taken by a customer |
| General Amount Column | A journal amount column that is not headed with an account title |
| List price | The retail price listed in a catalog or on an internet site |
| Trade discount | A reduction in the list price granted to customers |
| Contra account | An account that reduces a related account on a financial statement |