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Accounting Terms
Accounting Categories
Accounting Transactions
Accounting Calculations
Account Catergories
100

Merchandise purchased to sell

What is purchases

100

Accounts Payable

What is liability

100

Purchased merchandise on account

What is a debit to purchases, credit accounts payable.

100

Assets - Liabilities

What is Owner's/Stockholder's Equity

100

Supplies-Office

What is asset

200

Account that keeps track of amount owed to the state for the sale of merchandise

Sales Tax Payable
200

Discount taken by the customer for paying early

What is sales discount

200
Returned defective merchandise to seller of purchases on account
What is A/P debit/ Purchases Returns and Allowances credit.
200

A 2% of the invoice amount deducted if paid within ten days

What is purchase/sales discount

200

Rent

What is Expense

300

Form used in a business to place an order for the purchase of goods from a vendor

What is Purchase order

300

Purchases returns and allowances

What is contra cost of merchandise sold

300
Paid invoice due with cash within 10 days to receive discount
What is A/P debit, Purchase discount credit, and cash credit.
300

Revenue less operating expenses

What is Net income/ Net loss

300

Sales Tax Payable

What is liability

400

Includes purchases, purchases returns & allowances, and purchases discounts

What is cost of goods sold

400

Journal used to record transactions that cannot be recorded in a special journal

What is general journal

400
Paid invoice due with cash
What is debit A/P, credit cash
400

Purchases less Purchases Returns and Allowances less Purchases discount

What is Net Purchases

400
Purchases

Cost of Merchandise

500
**Daily Double** The account in the general ledger that summarizes or controls a subsidiary ledger.
What is controlling account.
500

Purchases

What is the cost of merchandise sold

500

Purchased merchandise on account 

What is debit purchases, A/P credit

500

A reduction in the list price granted to a merchandising business 

What is trade discount

500

Dividends

What is Stockholder's Equity