Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Accounting Ch 11

Reviewing concepts from Ch 11

QuestionAnswer
What is Accounts Payable? Vendors (we buy from)
What is Accounts Receivable? Customers (we sell to)
How many columns in an expanded journal? 11
What is the column used in the journal for merchandise? Purchases Debit
What is a purchase invoice? A source document for recording a purchase on account transaction
What is a partnership? Two or more persons combine their assets and skills
What is a merchandising business? A business that purchases and sells goods
What are the Special Amount Columns added to the Journal this semester? Accts Receivable, Sales Tax Payable, Accts Payable, Purchases
What is the cost of merchandise? The price a business pays for goods
What is a vendor? A business from which merchandise is purchases or supplies or other assets are bought.
What is Purchases? The account use for recording the cost of merchandise purchased to sell
What is the normal balance side for Purchases? Debit side
What are the accounts used for purchase of merchandise for cash? Purchases/Debit, Cash/Credit
What is purchase of merchandise on account? Merchandise purchased is to be paid for later
What is the normal balance side for Accounts Payable? Credit side
What are the accounts used for cash payment on account? Accounts Payable/Debit, Cash/Credit
What are the accounts used for Merchandise withdrawal? Owner Drawing/Debit, Purchases/Credit
If an amount is journalized and posted in error as a debit to Miscellaneous expense instead of Advertising Expense, what is the correcting entry? Advertising expense/Debit Misc Expense/Credit
Created by: apeake