5 Written questions
5 Matching questions
- Owner's Equity Statement
- Accounts Receivable Ledger
- Purchases Return
- Purchase Invoice
- a Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
- b an invoice used as a source document for recording a purchase on account transaction.
- c a financial statement that summarizes the changes in owner's equity during a fiscal period.
- d A subsidiary ledger containing only accounts for charge customers.
- e business that meets certain legal requirements to be recognized as having a legal existence, as an entity separate and distinct from it owners.
5 Multiple choice questions
- the total original price of all merchandise sold during a fiscal period.
- 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.
- A computer used to collect, store, and report all the information of a sales transaction.
- An owner of one or more shares of a corporation.
- credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
5 True/False questions
Cash Discount → a cash discount on sales
Cash Short → A petty cash on hand amount that is less than a recorded amount.
Customer → a person or business to whom merchandise or services are sold.
Debit Memorandum → form or letter issued by a seller to advise the amount owed by the buyer
Sales Tax → credit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.