5 Written questions
5 Matching questions
- Credit Card Sale
- Cash Short
- Controlling Account
- Current Assets
- General Amount Column
- a an account in a general ledger that summarizes all accounts in a subsidiary ledger.
- b A petty cash on hand amount that is less than a recorded amount.
- c any asset expected to last or be in use for less than one year.
- d A journal amount column that is not headed with an account title.
- e A sale in which a credit card is used for the total amount of the sale at the time of the transaction.
5 Multiple choice questions
- goods that a merchandising business purchases to sell.
- the price a business pays for goods it purchases to sell.
- A journal amount column headed with an account title.
- The retail price listed in a catalog or on an Internet site.
- A special journal used to record only sales of merchandise on account.
5 True/False questions
Schedule of Accounts Payable → A listing of customer accounts, account balances, and total amount due from all customers.
Cost of Merchandise sold (goods) → the price a business pays for goods it purchases to sell.
Merchandise Inventory → the amount of goods on hand for sale to customers.
Supporting Schedule → an account in a general ledger that summarizes all accounts in a subsidiary ledger.
Accounts Payable Ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.