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Accounting Terms
Accounting Categories
Accounting Transactions
Accounting Calculations
Account Classifications
100

Merchandise for resale

What is purchases

100
Accounts Payable
What is liability
100

Accounts affected when purchased merchandise on account

What is a debit to purchases, credit accounts payable.

100
Assets - Liabilities
What is Owner's Equity
100

Accounts Payable

What is liability

200

Discount applied when invoice paid within the discount period

What is purchases discount

200
Freight - In
What is cost
200
Purchased merchandise with cash 

What is debit Purchases, credit cash 

200
Revenue less expenses, where expenses exceed revenue
What is Net loss
200

Credit Card Fees

What is Expense

300
form used in business to place an order for the buying of goods from a seller
What is Purchase order
300
Purchases returns and allowances
What is contra-cost.
300

Paid cash for credit card fees

What is debit credit card fee expense, credit cash

300
Gross Profit less operating expenses
What is Net income/ Net loss
300

Accounts Receivable

What is asset

400
an account that records the cost of merchandise inventory used to make a sale
What is cost of goods sold
400
Purchases Discounts
What is contra-cost
400

Paid invoice due without a discount

What is debit A/P, credit cash

400
Purchases less Purchases Returns and Allowances less Purchases discount
What is Net Purchases
400

Sales

What is revenue

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

Paid invoice due with cash within 10 days to receive discount

What is debit A/P, credit purchases discount, credit cash

500
Revenues less cost of goods sold
What is Gross Profit
500

Purchases

What is Cost of Goods Sold