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Chapter 9 Accounting

Accounting 2 Chapter 9

Goods that a business purchases to sell are called ________________ merchandise
A business that sells to those who use or consume the good is called a _______________ business retail merchandising
A _________________ journal is used to record only one kind of transaction special
The price a business pays for goods it purchases is called ________________ Cost of Merchandise
The amount added to the cost of merchandise to establish the selling price is called _________________ Mark-Up
Revenue earned from the sale of merchandise includes both the cost of merchandise and mark-up. True
Only the mark-up increases capital True
A business from which merchandise is purchased, or supplies, or other assets are bought, is called a vendor True
A transaction in which the merchandise purchased is to be paid for later is called a(n) _____________________ purchase on account
A deduction that a vendor allows on the invoice amount to encourage prompt payment is called a rebate False
A cash discount on purchases taken by a customer is called a sale False
A journal amount column that is not headed with an account title is called an untitled column False
The retail price listed in a catalog or an internet site is called a _________________ List price
A reduction in the list price granted to customers is called a trade reduction False
The invoice amount is recorded only once in a purchases journal entry True
A _______________ reduces a related account on a financial statement contra account
Contra Accounts' normal balances are opposite the normal balances of their related accounts True
Trade discounts are recorded as purchases discounts because they decrease the recorded invoice amount False
An invoice used as a source document for recording a purchase on account transaction is called a ______________________ Purchase Invoice
A petty cash on hand amount that is more than a recorded amount is called ash over True
Created by: 18grabpai
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