Ch 9 accounting review

buying supplies on account is recorded in the general journal

petty cash on hand amount that is less than a recorded amount

journal amount column that is not headed with an account title

credit allowed for returned merchandise, decreasing customer's accts.. pay.

a business from which merchandise is purchased or supplies or other assets are bought

business that purchases a sells goods

purchase discounts are recorded in the general journal

purchase on account increases amount owed to a vendor

the purchases account is increased by a credit & decreased by a debit

journal amount column headed with an account title

supplies bought for use in a business are recorded in the

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

deduction that a vendor allows on the invoice amount to encourage payment

when supplies are bought to use the amount is recorded in purchases account

all purchase transactions, purchases on account and for cash are recorded in purchases journal

agreement between buyer and seller about payment for merchandise

petty cash on hand amount that is more than a recorded amount

price a business pays for goods it purchases to sell

purchases returns and allowances

1/10, n/30 means that the customer may take 1% off is payment is made in 30 days

credit allowed for part of purchase price that is not returned, decreasing customer accts. pay.

source document for a cash purchase is

merchandise purchased for $1000 on Aug 1, terms 2/10, n/30 what is the amount due on Aug 9th

actual petty cash on hand is $53 but records show $55, if the petty cash over or short

an invoice used as a source document for recording a purchase on account

reduction in the list price granted to customers

petty cash account cash short and over is a permanent account

transaction where merchandise is to be paid for later

a form prepared by a customer showing the price deduction taken by the customer for returns

journals are only proved and ruled at the end of the fiscal period

trade discounts are normally recorded in the purchases discount account