a journal with two amount columns in which all kinds of entries can be recorded.

credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable to the vendor.

credit allowed for the part of purchased price of merchandise that is not returned, resulting in a decrease in the customer's account payable to the vendor.

A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.

Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.

Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business.

A form prepared by the vendor showing the amount deducted for returns and allowances.

An amount earned by a corporation and not yet distributed to stockholders.

Earnings distributed to stockholders.

A group of persons elected by the stockholders to govern a corporation.

Action by a board of directors to distribute corporate earnings to stockholders.

processes and procedures employed within a business to ensure that its operations are conducted ethically, accurately, and reliably.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

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

account ll 2

Term	Definition
general journal	a journal with two amount columns in which all kinds of entries can be recorded.
purchases return	credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable to the vendor.
purchases allowance	credit allowed for the part of purchased price of merchandise that is not returned, resulting in a decrease in the customer's account payable to the vendor.
debit memorandum	A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.
sales return	Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.
sales allowance	Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business.
credit memorandum	A form prepared by the vendor showing the amount deducted for returns and allowances.
retained earnings	An amount earned by a corporation and not yet distributed to stockholders.
dividends	Earnings distributed to stockholders.
board of directors	A group of persons elected by the stockholders to govern a corporation.
declaring a dividend	Action by a board of directors to distribute corporate earnings to stockholders.
internal controls	processes and procedures employed within a business to ensure that its operations are conducted ethically, accurately, and reliably.

Created by: gonzaker

"Know" box contains:
Time elapsed:
Retries: