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100
Cancelling the balance of a customer account because the customer does not pay
What is writing off an account
100
A merchandise inventory determined by accounting, laying, or measuring items of merchandise on hand
What is periodic inventory or physical inventory
100
a written and signed promise to pay a sum of money at a specified time
What is a Promissory note
100
any product that is protected by patents, trademarks, and copyrights
What is Intellectual property
100
a business in which two or more persons combined their assets and skills
What is Partnership
200
The journal entry to write off an uncollectible account affects the two general ledger accounts of
What is accounts receivable and allowance for uncollectible accounts
200
A merchandise inventory determined by keeping a continuous record of increases, decreases and balance on hand
What is perpetual inventory or book inventory
200
A promissory note signed by a business and given to a creditor
What is Notes payable
200
revenue earned in one fiscal period but not received until a later fiscal period
What is accrued revenue
200
each member of a partnership
What is a Partner
300
An entry that doesn't affect accounts receivable
What is adjusting entry
300
A form used to show the kind of merchandise, quantity receive, quantity sold, and balance on hand
What is a stock record
300
the amount that is due on the maturity date of a note
What is Maturity value
300
any entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period
What is Reversing entry
300
a partnership financial statement showing net income or loss distribution to partners
What is a partnership financial statement showing net income or loss distribution to partners
400
Multiplying the book value by constant depreciation rate at the end of each fiscal period
What is declining-balance method of depreciation
400
Method using the price of merchandise purchased first to calculate the cost of merchandise sold first
What is first- in, first- out inventory costing method
400
liability do within a short time usually within a year
What is Current liabilities
400
expenses incurred in one fiscal period but not paid until a later fiscal period
What is Accrued expenses
400
a financial statement that summarizes the changes in owners' equity during a fiscal period
What is an Owners' equity statement
500
Assets that will be used for a number of years in the operation of a business
What is plant assets
500
In a period of rising prices, this method gives the highest possible ending inventory cost and the lowest cost of merchandise sold
What is first- in, first- out inventory costing method
500
the interest earned on money loaned
What is Interest income
500
interest incurred but not yet paid
What is Accrued interest expense
500
cash received from the sale of assets during liquidation of a partnership
What is realization