Chapter 17 - Special Journals: Purchases and Cash Payments

Goods that a business purchases in order to sell.

• merchandise

• vendor

• services

• supplies

Accounts Payable are ____________.

• customers

• vendors

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

• contra account

• controlling account

• charter

• stocks

A special journal used to record only purchases of merchandise on account.

• cash payments

• general

• sales

• purchases

2/10, n30 means....

• the bill is due in 2 days

• 2% discount if paid within 30 days

• 10% discount if paid in 2 days, net due 30 days

• 2% discount if paid in 10 days, net due 30 days

A special journal used to record only cash payment transactions.

• sales

• purchases

• cash payments

• cash receipts

An account that reduces a related account on a financial statement.

• debit

• credit

• contra

• controlling

A list of vendor accounts, account balances, and the total amount due to all vendors.

• Schedule of Accounts Payable

• Schedule of Accounts Receivable

• Trial Balance

• Work Sheet

Purchases is a _________ account.

• sales

• liability

• subsidiary

• cost

Supplies bought for use in a business are recorded in the

• Supplies Expense account

• Supplies account

• Purchases account

• Cash account