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Pur& CP

Parson - Glencoe 15 - 17

QuestionAnswer
The ___ is the actual cost of the business of the merchandise to be sold to customers Cost of Merchandise
A(n) ___ contains a folder for each day of the month. Tiokler file
A(n) __ is the period of time within which an invoice must be paid if a discount is to be taken Discount period
A(n) __ is a written offer to a supplier to buy certain items. Purchase Order
The _____ is a ledger that contains acounts for all creditors and the amount owed to each. Accounts Payable Subsidiary Ledger
A(n) ___ is a stamp placed on an invoice that outlines a set of steps to be followed in processing the invoice for payment. Processing Stamp
The ____ is the account used to record the cost of new merchandise Purchases Account
A written request that a certain item or items be ordered is a(n) ____ Purchase Requisition
The ____ is the date by which an invoice must be paid. Due Date
A bill that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer is a(n) ____ Invoice
A form that lists the items included in a shipment is a(n) ____ Packing Slip
A(n) ____ is a cash discount offered by suppliers for prompt payment. Purchases Discounts
A(n) _____ is charged by a bank for handling the bankcard sales slip deposited by a business; it is usually calculated as a percentage fo the total bankcard sales. bankcard fee
_____ means that the supplier pays the shipping cost to the buyer's destination or location. FOB destination
The ____ is the amount paid for insurance. Premium
The cost of merchandise account that is used to record shipping charges on goods is the _____ Transportation In account
When a business returns merchandise bought on account to the supplier for full credit, a(n) occurs___ Purchases return
_____ means that the buyer pays the shipping charge from the supplier's place FOB Shipping Point
A price reduction received by a business for unsatisfactory merchandise kept is a(n) ___ Purchases Allowance
The form a business uses to notify its supplier of a return or allowance is called a(n) _____ Debit Memorandum
The purchases account has a normal ____- balance Debit
The Transportation Account has a normal ____ balance Debit
The Purchases Account is categorized as a ______ type of account. Cost of Merchandise
The Transportation Accounts is categorized as a _______ type of account. Cost of Merchandise
Purchase Discounts is increased on the ____ side. Credit
Purchase Returns and Allowances is increased on the _______ side. Credit
Purchase Discounts is categorized as a(n) ____ type of account. Contra Cost of Merchandise
Purchase Returns & Allowances is categorzied as a(n) _____ type of account. Contra Cost of Merchandise.
A(n)____ is a special journal used for recording the sale of merchandise on account. Sales Journal
The _____ is the date by which the invoice must be paid if a discount is to be taken. Due Date
A(n) _____ is a separate ledger that contains accounts for all creditors. Accounts Payable Subsidiary Ledger
_____ is an account in the general ledger that controls the accounts receivable subsidiary ledger. Accounts Receivable
The ____ is a special journal used for recording all cash received by the business. Cash Receipts Journal
_____ is an account in the general ledger that controls the accounts payable subsidiary ledger. Accounts Payable.
The ____ is an all-purpose journal used for recording transactions that do not fit into a special journal. General Journal
The process of determining whether the amount of cash recorded in the accounting records of a business agrees with the amount recorded in its checkbooks is called _____. Proving Cash
A special journal used for recording all cash paid out of the business is the ______. Cash Payments Journal
The ____ is a separate ledger that contains all charge customers accounts. Accounts Receivable Subsidiary Ledger
The _____ is a special journal used for recording all purchases of assets on account. Purchase Journal
The ____ is a list of all creditors in the accounts payable subsidiary ledger, the balance of each account, and the total owed to all creditors Schedule of Accounts Payable
A(n) ___ is an account in the general ledger that acts as a control on the accuracy of the accounts in the subsidiary ledger. Controlling Account