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Vocabulary
Concepts
Application
100
Total shares of ownership in a company
What is capital stock?
100
The purchases account is increased by a __________ and decreased by a ___________.
What is a debit and credit.
100
Paid cash for rent. (What journal)
What is cash payments?
200
A merchandising business that sells to those who use or consume goods.
What is a retail merchandising business?
200
Purchases discount is increased with this.
What is a credit?
200
Purchased merchandise on account from Brite Lights. (What Journal)
What is Purchases.
300
Each unit of ownership in a corporation.
What is share of stock?
300
The purchases account is this type of account.
What is a cost account?
300
Paid cash on account to Brite Lights covering P81 for merchandise purchased. (What Journal)
What is the cash payments journal?
400
A journal used to record only one kind of transaction.
What is a special journal?
400
The normal balance in contra accounts.
What is opposite the account they are offsetting.
400
Bought supplies on account from Lincoln Supplies. (What Journal)
What is the General Journal?
500
A source document used when recording a purchase on account.
What is a purchase invoice.
500

The amount owed on August 9 if an invoice has terms of 2/10, n/30 with an original amount of $2000.

$40

500
Returned merchandise to Country Fare. (What Journal)
What is the General Journal.