Vocabulary
An example of paying expenses?
What are Rent, Utilities, Advertising, and Salaries?
Complete this transaction in the purchases journals
Purchases merchandise on account from Kelsey Parts, 3,600 P186
Kelsay Parts
186
Purchases DR. ACCTS. PAY CR. 3,600
The highest credit score you can have.
What is 850?
Miss. Horton favorite drink.
What is an Ice Latte?
The reason we use special journals.
What is to stay organized?
Complete this transaction in the cash payments journals
July 6, Paid cash to WCKF Radio for advertising $810. C319
Advertising Expense
General Debit: $810
Cash Credit: $810
It predicts your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports.
What is a credit score?
The only town in PA.
List 3 out of 5 special journals?
What is Sales, Cash Receipts, Purchases, Cash Payments, and General Journal?
Complete this transaction in the purchases journals
Purchased merchandise on account from Rackley Industries, 3,010 P184
Rackley Industries
Purchase Number: P184
Purchases Dr. ACCTS. PAY. CR. 3,010
The money owed by a business to its suppliers shown as a liability on a company's balance sheet.
What is accounts payable?
CPA stands for...
What is a certified public accountant?
Purchased by business to protect against fire, theft or flood, Amount paid is called a premium, and Paid in advance.
What is Prepaid Insurance?
Complete this transaction in the cash payments journals
July 8th Paid cash on account to Kelsay Parts, $3950 covering P167, Less 2% discount. C320
Kelsay Parts
Accounts Payable Debit: 3950
Purchases Discount Credit: 79
Cash Credit: 3871
Debits must ____
What is uquals credits?
The Accounting equation is.....
What is Assets = Liability + Owner's Equity?
A deduction that a vendor allows on an invoice amount to encourage prompt payment.
What is a cash discount?
Complete this transaction in the cash payments journals
July 3, Paid cash on account to Helms Supply, $1,295.00, covering P166, Less 2% Discount C318
Helms Supply:
Accounts Payable Debit- 1295
Purchases Discount Credit- 25.90 Cash Credit- 1269.10
The Benifits of being able to buy on account
What is purchase discount?
Who is on the hundred-dollar bill?
Benjamin Franklin