The petty cash account Cash Short and Over is a temporary account.

A corporation can own property, incur liabilities, and enter into contracts in its own name.

A corporation exists independent of its owners.

The terms of sale 1/10, n/30 means that 1/10 or 10% of the invoice amount may be deducted if paid within 30 days.

The total of accounts in the accounts payable subsidiary ledger equals the balance of the controlling account, Accounts Payable.

The periodic inventory method does not require records of the quantity and cost of individual goods.

The total of a schedule of accounts payable less purchases discounts taken during the month will equal the total of Accounts Payable.

A purchase of merchandise for cash would be posted

Merchandise with a list price of $1,500.00 is purchased on account for $900.00 on August 1.Terms of sale are 2/10, n/30. Payment is made on August 17. The amount paid should be

The Purchases account is classified as a(n)

A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand is called a(n)

Supplies bought for use in a business are recorded in the

An employee working with an account can trace a transaction back to the correct journal by using information in the

Since contra accounts are offsets to their related accounts, contra account normal balances are

To replenish a $300.00 petty cash fund, if the petty cash custodian had receipts totaling$224.00 and cash of $74.00 in the petty cash box, one part of the journal entry is a

The purchases account is increased by a credit and decreased by a debit.

If the actual petty cash on hand is $53.00 but the records show that $55.00 should be on hand, the petty cash fund is said to be over.

An organization with the legal rights of a person and which many persons own

Total shares of ownership in a corporation

Each unit of ownership in a corporation

A merchandising business that sells to those who use or consume the goods.

If merchandise is purchased for $1000 on August 1, with terms of sale of 2/10, n/30, the amount due to the vendor on August 9 is

Merchandise with a list price of $1500 is purchased on account for $900 on August 1. Terms of sale are 2/10, n/30. Payment is made on August 17 The amount paid should be

To replenish a $300.00 petty cash fund, if the petty cash custodian had receipts totaling $224.00 and cash of $74.00 in the petty cash box, one part of the journal entry is  a

Terms of sale are the demands made by the seller.

A business that purchases and sells goods.

Regardless of when payment is received, the revenue should be recorded when a sale is made, not on the date cash is received.

The accounts receivable ledger form is based on the general ledger form and contains the same columns, except the Credit balance amount column.

Sales tax rates are usually stated as a percentage of sales.

Only the federal government can exempt from sales taxes some types of merchandise or sales to certain types of customers.

An invoice is a form that describes the goods or services sold, the quantity and the price, and the terms of the sale.

The invoice used as a source document for recording a sale on account is often referred to as a sales invoice, a sales ticket, or a sales slip.

While the seller considers an invoice for a sale on account to be a sales invoice, the same invoice is considered by the customer to be a purchase invoice.

Credit card and debit card sales are treated as cash sales because the business receives its cash in a very short time.

A terminal summary is also known as a T tape.

A batch report can be detailed, showing every credit card sale. Or, the batch report can be a summary, showing only the number and total of sales by credit card type.

Separate transactions are recorded for cash, credit card, and debit card totals listed on a terminal summary.

Sales Tax Payable has a normal debit balance.

When a sales discount is taken, a customer pays less cash than the invoice amount previously recorded in the sales account.

Maintaining a separate account for sales discounts provides business managers with information to evaluate whether a sales discount is a cost-effective method.

The posting references on the accounts receivable ledger form enable the company to locate the sales invoices and receipts supporting each transaction.

The total of each general amount column of a cash receipts journal is posted to the corresponding general ledger account.

A schedule of accounts receivable contains a complete listing of each sales invoice owed by customers.

Some businesses call the schedule of accounts receivable the accounts receivable trial balance.

Which journal is used? Sold merchandise on account to Doris Edwards, plus sales tax.

Which journal is used? Recorded cash and credit card sales,plus sales tax

Which journal is used? Received cash on account from Jim North.

Which journal is used? Received cash on account from Doris Edwards, less sales discount

In a firm that uses special journals, a sale of merchandise on credit is recorded in the

In a firm that uses special journals, the collection of sums on account from credit customers is recorded in the

In a sales journal used to record taxable sales, the total of the Accounts Receivable column should equal

To find the balance due from an individual customer, the accountant would refer to

After all postings have been made, the total of the schedule of accounts receivable should equal

Kay Sadia sold merchandise for $8,750 subject to a 6% sales tax. The entry in the sales journal will include a debit to Accounts Receivable for

The report that summarizes the cash and credit card sales of a point-of-sale terminal.

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

The process of preparing a batch report of credit card sales from a point-of-sale terminal.

Because Sales Discount is a contra account to Sales, it has a normal credit balance.

For a sale of account of $1,000.00 plus sales tax of $80.00, the amount recorded in the Accounts Receivable Debit column of a sales journal is

The amount of cash received for a sale on account of $1,000.00 plus sales tax of $80.00 when the cash is received within the 2 percent discount period is

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

Which of the following is not a special journal

What is meant by 2/10 n30 on a invoice. 

A cash discount on sales taken by a customer.

A report of credit card sales produced by a point-of-sale terminal.

ABC Co. sold merchandise on account for $1,000. What special journal would this transaction appear in?

ABC Co. bought an old desk for $80 cash. What special journal would this transaction appear in?

ABC Co. received a bank statement from TD bank. They were charged $250 for bankcard fees. What special journal would this transaction appear in?

ABC Co sold merchandise and received $60 from a customer. What special journal would this transaction appear in?

ABC Co. paid a creditor $86. What special journal would this transaction appear in?

ABC Co. purchased merchandise on account totaling $5,800. What special journal would this transaction appear in?

ABC Co. purchased a new computer on account totaling $5,800. What special journal would this transaction appear in?

ABC Co. was charged $150 for advertising. They were billed by the Star Ledger. What special journal would this transaction appear in?

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

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

Earnings distributed to stockholders.

The correcting entry to correct a sale on account recorded to the wrong customer in the sales journal involves Accounts Receivable and the subsidiary ledger accounts.

Net income increases a corporation’s total stockholders’ equity.

A corporation’s Dividends account is a temporary account.

The normal account balance of Sales Returns and Allowances is a credit.

A sales return that credits the customer’s account is recorded in the general journal.

Credit allowed for part of the purchase price of merchandise that is not returned does not change the balance of the customer’s accounts payable.

A credit memorandum prepared by a customer results in the customer recording a debit to the vendor account.

An entry recorded in a general journal will increase the account debited and decrease the account credited.

A general journal entry posted to Accounts Payable will also be posted to an accounts payable account.

Dividends can be distributed to stockholders only by formal action of a corporation’s board of directors.

In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.

A completed general journal page should always be reviewed to be sure that all postings have been made.

A credit memorandum issued by a vendor results in the vendor recording a credit to the customer’s account.

The stockholders’ equity account, Dividends, has a normal credit balance.

Entries in the general journal only affect account balances in general ledger accounts.

Most corporations pay dividends by writing checks to stockholders on the day after the dividends are declared.

Transactions that cannot be recorded in a special journal are recorded in a general journal.

What amount will be recorded to Sales Return and Allowances?
Granted credit to Jennifer’s Deli for damaged merchandise, $149.00, plus sales tax, $8.94, from S478; total,$157.94

What amount will be recorded to Accounts Receivable?
Granted credit to C&C Catering for merchandise returned, $289.00, plus sales tax, $17.34, from S480; total,$306.34. 

A return of merchandise to the vendor results in a

The purchase of supplies on account results in a

A customer notifies the vendor that purchased merchandise is damaged and cannot be sold at the normal price. Any credit granted to the customer would be called a

A correction of a transaction posted to the wrong customer account results in

At the end of the fiscal period, the balance of Dividends is closed to

The amount of a dividend is normally calculated as

Which of the following stockholders’ equity accounts has a normal debit balance?

Dividends is a temporary account of a corporation and is similar to which proprietorship account?