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Accounting Chapter 9 Quiz
Accounting Chapter 9 Quiz
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Chapter 9 Accounting
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Purchases Returns and Allowances
does not affect purchases
decreases the amount of purchases
increases the amount of purchases
2
A purchase of $100 had terms of 1/10, n/30 is paid in 12 days. The amount due to the vendor is
00
$99
$90
$100
3
The normal balance side of a contra account.
credit
same as the normal balance of the related account
opposite of the normal balance of the related account
debit
4
When supplies are bought for use in a business they are recorded in the
purchases account
accounts payable account
supplies expense account
supplies account
5
In which journal do you put purchases of supplies on account?
Cash Payments Journal
Cash Receipts Journal
Purchases Journal
General Journal
6
The purchases account is classified as a(n)?
cost
asset
liability
expense
7
If the petty cash recorded amount is $23.45 and the actual amount on hand is $23.22, cash is
Short
Over
8
A purchase of $500 had terms of 1/10, n/30 is paid in 5 days. The amount due to the vendor is?
$00
$490
$495
$500
9
What is the source document for a cash purchase?
memorandum
invoice
check
receipt
10
Purchases Returns and Allowances is what classification of account?
Cost
Owner's Equity
Asset
Contra
