Matching
Match the description with the accounting terms.
Premises:
A subsidiary ledger that contains credit customer accounts
An account with a debit balance, which is contrary to the normal balance for a revenue account
A note verifying that a customer's account is being reduced by the amount of a sales return or sales allowance plus any sales tax that may have been involved
A firm's acceptance of a return of goods from a customer
A ledger dedicated to accounts of a single type and showing details to support a general ledger account
A business that sells services
The list price less all trade discounts
The stock of goods a merchandising business keeps on hand
A system that allows the sale of services or goods with the understanding that payment will be made at a later date
A reduction in the price originally charged to customers for goods or services
An established retail price
A business that manufactures or distributes goods to retail businesses or large consumers such as hotels and hospitals
A reduction from list price
The difference between the balance in the Sales account and the balance in the Sales Returns and Allowances account
A special journal used to record sales of merchandise on credit
An account that links a subsidiary ledger and the general ledger since its balance summarizes the balances of the accounts in the subsidiary ledger
A customer billing for merchandise bought on credit
A journal used to record only one type of transaction
A business that sells goods purchased for resale
A business that sells directly to individual consumers
A business that sells goods that it has produced
Sales made through the use of open-account credit or one of various types of credit cards
A listing of all balances of the accounts in the accounts receivable subsidiary ledger
Responses:
Accounts receivable ledger
Charge-account sales
Contra revenue account
Control account
Credit memorandum
Invoice
List price
Manufacturing business
Merchandise inventory
Merchandising business
Net price
Net sales
Open-account credit
Retail business
Sales allowance
Sales journal
Sales return
Schedule of accounts receivable
Service business
Special journal
Subsidiary ledger
Trade discount
Wholesale business
Correct Answer:
Premises:
Responses:
A subsidiary ledger that contains credit customer accounts
An account with a debit balance, which is contrary to the normal balance for a revenue account
A note verifying that a customer's account is being reduced by the amount of a sales return or sales allowance plus any sales tax that may have been involved
A firm's acceptance of a return of goods from a customer
A ledger dedicated to accounts of a single type and showing details to support a general ledger account
A business that sells services
The list price less all trade discounts
The stock of goods a merchandising business keeps on hand
A system that allows the sale of services or goods with the understanding that payment will be made at a later date
A reduction in the price originally charged to customers for goods or services
An established retail price
A business that manufactures or distributes goods to retail businesses or large consumers such as hotels and hospitals
A reduction from list price
The difference between the balance in the Sales account and the balance in the Sales Returns and Allowances account
A special journal used to record sales of merchandise on credit
An account that links a subsidiary ledger and the general ledger since its balance summarizes the balances of the accounts in the subsidiary ledger
A customer billing for merchandise bought on credit
A journal used to record only one type of transaction
A business that sells goods purchased for resale
A business that sells directly to individual consumers
A business that sells goods that it has produced
Sales made through the use of open-account credit or one of various types of credit cards
A listing of all balances of the accounts in the accounts receivable subsidiary ledger
Premises:
A subsidiary ledger that contains credit customer accounts
An account with a debit balance, which is contrary to the normal balance for a revenue account
A note verifying that a customer's account is being reduced by the amount of a sales return or sales allowance plus any sales tax that may have been involved
A firm's acceptance of a return of goods from a customer
A ledger dedicated to accounts of a single type and showing details to support a general ledger account
A business that sells services
The list price less all trade discounts
The stock of goods a merchandising business keeps on hand
A system that allows the sale of services or goods with the understanding that payment will be made at a later date
A reduction in the price originally charged to customers for goods or services
An established retail price
A business that manufactures or distributes goods to retail businesses or large consumers such as hotels and hospitals
A reduction from list price
The difference between the balance in the Sales account and the balance in the Sales Returns and Allowances account
A special journal used to record sales of merchandise on credit
An account that links a subsidiary ledger and the general ledger since its balance summarizes the balances of the accounts in the subsidiary ledger
A customer billing for merchandise bought on credit
A journal used to record only one type of transaction
A business that sells goods purchased for resale
A business that sells directly to individual consumers
A business that sells goods that it has produced
Sales made through the use of open-account credit or one of various types of credit cards
A listing of all balances of the accounts in the accounts receivable subsidiary ledger
Responses:
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