5 Written questions
5 Matching questions
- Gross Profit On Sales
- Schedule of Accounts Receivable
- Cash Sale
- Controlling Account
- a A listing of customer accounts, account balances, and total amount due from all customers.
- b the revenue remaining after cost of merchandise sold has been deducted.
- c the quantity of goods on hand.
- d A sale in which cash is received for the total amount of the sale at the time of the transaction.
- e an account in a general ledger that summarizes all accounts in a subsidiary ledger.
5 Multiple choice questions
- A cash discount on purchases taken by a customer.
- the price a business pays for goods it purchases to sell.
- A special journal used to record only sales of merchandise on account.
- The retail price listed in a catalog or on an Internet site.
- an invoice used as a source document for recording a purchase on account transaction.
5 True/False questions
Retained Earnings → Assets that will be used for a number of years in the operation of a business.
Merchandise Inventory → the amount of goods on hand for sale to customers.
Credit Card Sale → A sale in which cash is received for the total amount of the sale at the time of the transaction.
Sales Return → a tax on a sale of merchandise or services.
Contra Account → an account that reduces a related account on a financial statement.