5 Written questions
5 Matching questions
- Sales Journal
- Subsidiary Ledger
- General Amount Column
- Sales Discount
- a A journal amount column that is not headed with an account title.
- b a cash discount on sales
- c the quantity of goods on hand.
- d A special journal used to record only sales of merchandise on account.
- e a ledger that is summarized in a single general ledger account.
5 Multiple choice questions
- goods that a merchandising business purchases to sell.
- business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
- a merchandising business that sells to those who use or consume the goods.
- form or letter issued by a seller to advise the amount owed by the buyer
- 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
Markup → each member of a partnership.
Term of Sale → An agreement between a buyer and a seller about payment for merchandise.
Contra Account → an account in a general ledger that summarizes all accounts in a subsidiary ledger.
Partner → each member of a partnership.
Owner's Equity Statement → A journal amount column that is not headed with an account title.