Vocab
An amount earned by a corporation and not yet distributed to stockholders
Retained Earnings
Acts as a catch-all for transactions that don’t fit into special journals
General Journal
Mr. Scolforo's favorite food
Pizza
What is the difference between a debit memorandum and a credit memorandum
One is debit - One is credit
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A debit memorandum increases the amount a customer owes, while a credit memorandum decreases the amount owed.
Earnings distributed to stockholders.
Dividends
All credit sales transactions
Sales Journal
What did Mr. Scolforo do in track in high school?
Javelin
When it says sales returns or allowance does it have to with accounts receivable or accounts payable
Accounts Receivable
A group of persons elected by the stockholders to govern a corporation
Board of Directors
All cash received (from sales, collections on accounts, loans, etc.)
Cash Receipts Journal
What is the winter sport Mr. Scolforo did in high school?
Swimming
How does the general journal connect with other journals
Acts as a catch-all for transactions that don’t fit into special journals.
Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business
Sales Return
All cash payments (for expenses, supplier payments, withdrawals, etc.)
Cash Payments Journal
What is helpful trick to say Mr. S's last name
Skull + 4 + O
What is the reason for a company to give out a dividend
More attractive for shareholders
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer’s account payable to the vendor
Purchases Allowance
All credit purchases of goods and services
Purchases Journal
Mr. Scolforo's favorite class to teach
ACCOUNTING 1!!!
What is the only type of business that can give out dividends
Corporation