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5 Written questions

5 Matching questions

  1. Sales Journal
  2. Inventory
  3. Subsidiary Ledger
  4. General Amount Column
  5. Sales Discount
  1. a A journal amount column that is not headed with an account title.
  2. b a cash discount on sales
  3. c the quantity of goods on hand.
  4. d A special journal used to record only sales of merchandise on account.
  5. e a ledger that is summarized in a single general ledger account.

5 Multiple choice questions

  1. goods that a merchandising business purchases to sell.
  2. business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
  3. a merchandising business that sells to those who use or consume the goods.
  4. form or letter issued by a seller to advise the amount owed by the buyer
  5. journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger.

5 True/False questions

  1. Markupeach member of a partnership.

          

  2. Term of SaleAn agreement between a buyer and a seller about payment for merchandise.

          

  3. Contra Accountan account in a general ledger that summarizes all accounts in a subsidiary ledger.

          

  4. Partnereach member of a partnership.

          

  5. Owner's Equity StatementA journal amount column that is not headed with an account title.