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Ledgers
Accounting Terms
Sales and Cash Receipts
Accounting Concepts
Basic Accounting
100
The ledger that contains all accounts needed to prepare financial statements is the
What is a general ledger
100
An account in a general ledger that summarizes all accounts in a subsidiary ledger
What is a controlling account
100
Sales discount are recorded in a
What is a cash receipts journal
100
Supplies bought for use in a business are recorded in the
What is the supplies account
100
The name given to an account
What is a account title
200
A ledger that is summarized in a single general ledger account is a
What is a subsidiary
200
A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account
What is an accounts payable ledger
200
Sales returns and allowance is a
What is a contra account
200
The source document for a cash purchase is
What is a check
200
An amount owed by a business
What is a liability
300
Each account in a subsidiary ledger has
What is three amount columns
300
A subsidiary ledger containing only accounts for charge customers
What is an account receivable ledger
300
The amount of sales tax on a sale is calculated as the price of goods times
What is the sales tax rate
300
At least how many accounts are affected with every business transaction
What is 2
300
Anything of value that is owned
What is an asset
400
A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account is
What is an accounts payable ledger
400
A cash discount on sales taken by a customer
What is a sales discount
400
The amount of cash received for a sale on account of $1,000 plus sales tax of $80 when the cash is received within the 2 percent discount period is
What is $1058.40
400
What do you call the equation that shows the relationship among assets, liabilities, and owner's equity
What is the accounting equation
400
A business owned by one person
What is a sole proprietorship
500
A listing of customer accounts, account balances, and total amount due from all customers is a
What is a schedule of accounts receivable.
500
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
500
Using a terminal summary as a source document for weekly cash and credit card sales is an application of the accounting concept
What is Objective Evidence
500
The account used to summarize the owner's equity in a business
What is capital