Accounting Chapter 11

A journal with two amount columns in which all kinds of entries can be recorded.

• General Journal
• Sales Journal
• Purchases Journal
• Cash Payments Journal

Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business.

• Purchase Allowance
• Sales Allowance
• Purchase Return
• Sales Return

Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer’s account payable to the vendor.

• Sales Allowance
• Purchase Allowance
• Sales Return
• Purchase Return

A form prepared by the vendor showing the amount deducted for returns and allowances.

• Credit Memorandum
• Debit Memorandum
• Purchase Invoice
• Receipt

A group of persons elected by the stockholders to govern a corporation.

• General Board
• Dividends
• Team
• Board of Directors

 Action by a board of directors to distribute corporate earnings to stockholders.

• Paying Dividends
• Declaring Dividends
• Board of Directors
• None of the Above

Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s account payable to the vendor.

• Purchase Allowance
• Sales Allowance
• Purchase Return
• Sales Return

Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.

• Purchase Allowance
• Sales Allowance
• Purchase Returns
• Sales Returns

A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.

• Credit Memorandum
• Debit Memorandum
• Sales Allowance
• Dividend

Earnings distributed to stockholders

• Allowance
• Shares
• Profit
• Dividends