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Accounting Ch 11

Reviewing concepts from Ch 11

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