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Rice Acctg Ch9 Set4

Maplewood Rice Acctg Ch 9 Set 4

QuestionAnswer
trade discount reduction in the list price granted to customers
contra account an account that reduces a related account on a financial statement
cash short petty cash on hand account that is less than recorded amount
cash over a petty cash on hand account that is more than a recorded amount
purchases return credit allowed for the purchase price of returned merchandise
purchases allowance credit allowed for part of the purchase price of merchandise that is not returned
debit memorandum form prepared by the customer showing the price deduction taken by the customer for returns and allowances