Definitions One
A business in which 2 or more people combine their skills and assets
What is a Partnership?
A merchanside business that sells to those who use or consume goods
What is a retail merchandising business?
Paid cash for advertising
What is general debit advertising expense, and cash credit?
Paid cash for rent
What is one?
Why two or more people want to own a business together (list two reasons).
What is more capital and different skill sets?
Each member of a partnership
What is a partner?
A business that purchases and sells goods
What is a merchandising business?
Bought cash on account to Nike
What is debit account payable credit cash, Nike in account title?
Owner withdrew cash for personal use.
What is one?
The account columns that a debit and credit would be written in for purchase of merchandise on account.
What is purchases debit and accounts payable credit?
Goods that a merchandise business purchases to sell
What is Merchandise?
The amount added to cost of merchandise to establish the selling price.
What is markup?
Paid cash for merchandise.
What is debit merchandise, credit cash (check marks in account title - this will give you a double jeopardy)
Paid cash on account
What is one?
The account names written in the account title column for buying supplies on account from Nike.
What are supplies and Nike?
A business from which merchandise is purchased or supplies or other assets are bought.
Who is a vendor?
An agreement between a buyer and seller about payment for merchandise.
What are terms of sale?
Bought supplies on account from Nike
What is general debit supplies, what is credit accounts payable and write nike in the account title?
Owner withdrew merchandise for personal use
What is two?
Debit and credit account columns for replenishing the petty cash fund: $500. Advertising expense, $125, Supplies, $75, Rent, $300
What is Debit advertising expense, debit supplies, debit rent expense, credit cash?
A business that buys and resells merchandise to a retail merchandising business.
What is a Wholesale Merchandising Business?
The price a business pays for goods it purchases to sell.
What is cost of merchandise?
Owner, TB, withdrew merchandise for personl use.
What is general debit for TB, Drawing and general credit for purchases?
Bought supplies on account
What is two?
The special amount columns of an 11 column journal
What are:
1. Accounts Receivable debit
2. Accounts Receivable credit
3. Sales credit
4. Sales Tax Payable
5. Accounts payable debit
6. Accounts payable credit
7. Purchases Debit
8. Cash Debit
9. Cash Credit