Chapter 6
Name the accounts used in the first closing entry
What are Revenue and Income Summary
What is the Sales Journal
What is the Purchases Journal
The account used when sales plus sales tax doesn't equal cash
What is Cash Short or Over
Name the 9th step of the accounting cycle
What is Financial Statement interpretation
Where is the transaction from the Sales Journal posted for customers
What is the Accounts Receivable subsidiary ledger
Accounts used when merchandise is sent back to the vendor
What is Purchases Returns and Allowances
The journal is used to record vendor purchases
What is the Cash Purchases Journal
Give the two accounts used to close the books
What are Income Summary and Owner's Capital
The type of account - Sales Returns and Allowances
What is a contra-asset account
The example authorized signatures shows what is effective
Internal Controls
The journal used to report customer payments
What is the Cash Receipts Journal
Name the eighth step of the accounting cycle
What is the post-closing trial balance
Check that the Accounts Receivable subledger is in balance with the General Ledger total
What is the Schedule of Accounts Receivable
How to check that the Accounts Payable subsidiary ledger agrees with the General Journal
What is the Schedule of Accounts Payable
The number of times Cash is updated to the General Ledger
What is once
If Income Summary is closed to Capital with a debit balance, is there net income or net loss
What is net loss
The calculation Sales minus Sales Returns and Allowances equals
What is Net Sales
The calculation for net delivered cost of purchases
What is Purchases plus Freight in minus Purchases Returns and Allowances
The column name used to report unusual entries
What is Other