Show:
Matching I
Matching II
True/False
T/F & Transactions
Misc. & Transactions
100
A Cash Discount on Sales taken by a customer.
What is a Sales Discount?
100
A form prepared by a vendor showing the amount deducted for returns and allowances.
What is a credit memorandum?
100
Purchases and Sale of Merchandise are the two major activities of a merchandising business?
What is TRUE
100
T/F Because Sales Discount is a contra account to Sales, it has a normal credit balance.
What is FALSE - It has a normal Debit Balance
100
What is the amount of Cash received for a sale on account of $1000, with Sales Tax of $80 when the cash is received within the 2% discount period.
What is $1058.40 ($1000 + $80 = 1080 - 2%= $1058.40)
200
Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor's account receivable.
What is Sales Allowance?
200
The report that summarizes the cash and credit card sales of a POS terminal.
What is Terminal Summary.
200
The amount of Sales tax collected is an asset of the business until paid to the state government.
What is FALSE - Liability
200
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
What is FALSE - Revenue is recorded when merchandise is SOLD
200
Credit terms of 2/10, n/30 means that you get what discount if paid in what time period?
What is 2% in 10 days
300
A computer used to collect, store, and report all the information of a sales transaction.
What is a POS terminal?
300
A special journal used to record only sales of merchandise on account.
What is a Sales Journal?
300
Sales for Cash and Credit Cards are recorded as a single cash sales transaction.
What is TRUE
300
Received cash on account from Hartman Inc., $500.00 covering S213; no discount. R152
Cash Receipts Journal Accounts Receivable Debited $500 Cash Credited $500
300
Sales Return & Allowance is what kind of account classification?
What is a Contra Revenue?
400
A special journal used to record only cash receipt transactions.
What is Cash receipts journal
400
A sale in which a credit card is used for the total amount of the sale at the time of the transaction?
What is a credit card sale?
400
Cash is proved when the total of the Cash debit column of a cash receipts journal equals the next unused check stub.
What is FALSE -When beginning Cash balance + Cash Receipts - Cash Payments = next unused check stub balance.
400
Sold merchandise on account to Taylor Ltd., $630 plus tax of $37.50; total $667.50.
Sales Journal Accounts Receivable/Taylor Ltd. Debited $667.50 Sales Tax Payable Credited $37.50 Sales Credited $630.00
400
Recorded Cash and Credit Card sales for the week, $3400.00, plus Sales Tax $182.00; total $3582.00.
Cash Receipts Journal Cash Debited for $3582.00 Sales Credited $3400 Sales Tax Payable Credited $182.00
500
A report of credit card sales produced by a POS terminal.
What is a batch report?
500
The process of preparing a batch report of credit card sales from a point-of-sale terminal.
What is batching out?
500
When cash is received for a sale on account within the discount period, the amount credited to Accounts Receivable is reduced by the amount of the discount.
What is FALSE - The amount credited to Accounts Receivable is the total amount due, the amount Debited to Cash is the Accounts Receivable amount reduced by the discount.
500
Granted credit to Savage Industry for merchandise returned, $135, plus tax of $12.00, from S234; total, $147.00
General Journal Sales Return & Allowances Debited for $135 Sales Tax Payable Debited for $12.00 Accounts Receivable/Savage Industry Credited for $147.00
500
Received Cash on account from McCarty Enterprise, $2500, covering S136 for $2650 less discount.
Cash Receipts Journal Cash Debited $2500 Sales Discount Debited $150 Accounts Receivable/McCarty Enterprise $2650