5 Written questions
5 Matching questions
- Contra Account
- Cash Over
- Credit Memorandum
- Schedule of Accounts Payable
- a A petty cash on hand amount that is more than a recorded amount.
- b an account that reduces a related account on a financial statement.
- c form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
- d A listing of vendor accounts, account balances, and total amount due all vendors.
- e the quantity of goods on hand.
5 Multiple choice questions
- each member of a partnership.
- credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
- a cash discount on sales
- A journal amount column that is not headed with an account title.
- a partnership financial statement showing net income or loss distribution to partners.
5 True/False questions
Cost of Merchandise → the price a business pays for goods it purchases to sell.
Sales Journal → credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.
Vendor → the quantity of goods on hand.
Accounts Receivable Ledger → A subsidiary ledger containing only accounts for charge customers.
Sales Allowance → credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's accounts receivable.