CH 9
A special journal used to record only cash payment transactions.
Cash Payments Journal
A special journal used to record only cash receipt transactions.
Cash Receipts Journal
Earnings that are distributed to stockholders.
Dividends
Paid cash to Lawson Stores for store supplies.
What accounts are debited & credited?
Debit: Supplies - Store
Credit: Cash
What are the 4 special journals typically used in a business?
Purchases
Cash Payments
Sales
Cash Receipts
A special journal used to record only purchases of merchandise on account
Purchases Journal
A special journal used to record only sales of merchandise on account.
Sales Journal
A journal with two amount columns in which all kinds of entries can be recorded.
General Journal
Paid cash for the dividend declared the previous month.
What accounts are debited & credited?
Debit: Dividends Payable
Credit: Cash
Credit terms of 2/10, n/30 mean what?
2% discount is given if the account is paid within 10 days, and the total account is due in 30 days
A periodic inventory system conducted by counting, weighing, or measuring items of merchandise on hand is called ___ .
Physical Inventory
A specialized computer used to collect, store, and report all the information about a sales transaction.
Point-of-sale (POS) terminal
An amount earned by a corporation and not yet distributed to stockholders.
Retained Earnings
Purchased merchandise on account from Woods Industries
What accounts are debited & credited?
Debit: Purchases
Credit: Accounts Payable / Wood Industries
A group of persons elected by the stockholders to govern a corporation.
Board of Directors
A listing of vendor accounts, account balances, and the total amount due to all vendors.
Schedule of Accounts Payable
A report of credit card sales produced by a point-of-sale terminal.
Batch Report
A form prepared by the vendor showing the amount deducted for returns and allowances.
Credit Memorandum
Sold merchandise on account to Blair Industries, plus sales tax.
What accounts are debited & credited?
Debit: Accounts Receivable / Blair Industries
Credit: Sales / Sales Tax Payable
A terminal summary is also known as a ____ tape.
"Z" Tape
What is the contra account of Purchases, and what is the normal balance of the account?
Purchases Discount --> Credit Balance
Sales Tax Payable has a normal ____ balance.
credit
Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business.
Sales Allowance
Granted credit to Jennifer’s Deli for damaged merchandise, plus sales tax.
What accounts are debited & credited?
Debit: Sales Returns & Allowances / Sales Tax Payable
Credit: Accounts Payable / Jennifer's Deli
A _____ is a form that describes the goods or services sold, the quantity and the price, and the terms of the sale.
Invoice