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5 Written questions

5 Matching questions

  1. Owner's Equity Statement
  2. Accounts Receivable Ledger
  3. Purchases Return
  4. Purchase Invoice
  5. Corporation
  1. a Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
  2. b an invoice used as a source document for recording a purchase on account transaction.
  3. c a financial statement that summarizes the changes in owner's equity during a fiscal period.
  4. d A subsidiary ledger containing only accounts for charge customers.
  5. 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

  1. the total original price of all merchandise sold during a fiscal period.
  2. 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.
  3. A computer used to collect, store, and report all the information of a sales transaction.
  4. An owner of one or more shares of a corporation.
  5. 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

  1. Cash Discounta cash discount on sales

          

  2. Cash ShortA petty cash on hand amount that is less than a recorded amount.

          

  3. Customera person or business to whom merchandise or services are sold.

          

  4. Debit Memorandumform or letter issued by a seller to advise the amount owed by the buyer

          

  5. Sales Taxcredit allowed a customer for the sale price of returned merchandise, resulting in a decrease in the vendor's accounts receivable.

          

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