Accounting I Chapter 9 Review

The source document for a cash purchase is 

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

A form prepared by the customer showing the price reduction taken by the customer for R & A

Terms of sale 1/10, n/30 for $150 merch purchased Aug 2; if paid on Aug 13 the total is 

Supplies bought for use in a business are recorded in the 

Purchases returns and allowances is a contra account to 

Each unit of ownership in corporation

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

An invoice used as a source document for recording a purchase on acct transaction

A journal used to record only one kind of transaction

Terms of sale 2/10, n/30 for merch $400 purchased Nov 1; if paid by Nov 5, the total is

An organization with legal rights of a person which may be owned by many people

A business that buys large quantities of goods to re-sell to other businesses

$1000 merch purchase on Aug 1, with terms of sale of 2/10, n/30, the amt due on Aug 9

Terms of sale mean a ___________ discount can be taken by a certain ____________

Credit allowed for the purchase price of returned merch, resulting in a decrease in accts pay

A cash discount on purchases taken by a customer

The purchases account is classified as

Purchases Discount is increased by a credit entry

Trade discounts normally are recorded in the purchases discount account

The actual petty cash on hand $53, but records show that $55 should be on hand, petty cash is 

Total shares of ownership in a corporation

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

Terms of sale 1/10, n/30 mean the customer may deduct 1% of the invoice if paid in 30 days

Merchandise with a list price of $1500 is purchase on acct for $900, what is the invoice amount

Purchases returns and allowances

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

$300 petty cash fund; Receipts total $224, cash of $74 in petty cash box; cash short/over is