Terms!
A basic journal with 2 amount columns for all kinds of transactions
General Journal
Bought office supplies on account from Milam Corp., $532.00. M57.
Debit- Supplies-Office
Credit- Accounts Payable/Milam Corp
What is a 1040 form used for?
Fill out Taxes
What is a return?
Full Refund/Replacement
True or False-
I like cats.
True
Earnings that are distributed to stockholders
Dividends
Returned merchandise to Griffin, Inc., $248.00. DM32.
Debit- Accounts Payable/Griffin Inc
Credit- Purchases Returns and Allowances
What is a down payment?
Putting money down on something in order make monthly payments less
What is an Allowance?
Partial Credit to Customer
What is the lie?
1) I have 3 dogs at home
2) I have 2 cats at home
3) I have a fish at home
I have a fish at home
Amount earned by a corporation and not yet distributed to stockholders
Retained Earnings
Granted credit to Keller Associates for merchandise returned, $245.00, plus sales tax, $14.70, from S645; total, $259.70. CM28.
Debit- Sales Returns and Allowances AND Sales Tax Payable
Credit- Accounts Receivable/Keller Associates
What is the difference between salary and hourly pay?
Salary- Set Pay
Hourly- Varies every week
Source document for purchases returns/allowances
Debit Memo
Where is my hometown?
True/False-
Transactions that cannot be recorded in a special journal are recorded in a general journal.
True
Learned that a sale on account to Ashston and Lindsay LLP was incorrectly charged to the account of Abraham Corporation, $623.00. Memorandum No. 61.
Debit- Ashton and Lindsay LLP
Credit- Abraham Corporation
What does the IRS do?
Collect our Taxes
Source document for sales return/allowance
Credit Memo
What is my favorite color?
Blue
True/False-
An entry recorded in a general journal will either increase all accounts or decrease all accounts affected by the entry.
False
Granted credit to Lambert Schools for damaged merchandise, $206.00 (no sales tax), from S633. CM29
Debit- Sales Returns and Allowances
Credit- Accounts Receivable/Lambert Schools
What does CPA stand for?
Certified Public Accountant
Group of elected persons by stockholders to govern a corporation
Board of Directors
What month was I born?
August