Show:
Terms 1
Terms 2
Terms 3
Terms 4
Terms 5
100
What are the 3 categories of a balance sheet Which category is Merchandise Inventory located?
What is Assets, Liabilities and Owners Equity What is Assets
100
Discounts from the list prices in published catalogs or special discounts offered to special classes or buyers
What is Trade Discount
100
What is the bill that the seller sends to the buyer
What is Invoice
100
Expenses incurred directly in the selling of Merchandise
What is Selling Expenses
100
How do you close sales
What is Debit Sales Credit - Income Summary
200
What is the first account on Statement of Owners Equity
What is Capital 3/1/2016 or first day of month
200
The records do not show the amount of available or sold during the period.
What is Periodic Inventory System.
200
How do you close Capital if you have a Net Loss
What is Capital Dr. What is Income Summary Cr.
200
Formal Income Statement that contains several sections, subsections and subtotals
What is MultiStep Income Statement
200
Sales minus the Cost of Merchandise Sold
What is Gross Profit
300
Formal Income Statement that contains several sections, subsections and subtotals
What is Multistep Income Statement
300
Form used for an adjustment for defective Merchandise
What is Purchase Return and Allowance
300
True or False: An Alternate form of income statement is the single step income statement
What is True
300
Expenses incurred i the administration or operation of the business
What is Administrtaive Expenses
300
The buyer pays the transportation costs from the shipping point to the Destination
What is FOB Shipping Point
400
A form of income statement in which the total of all expenses is deducted from the total of all revenues
What is Single Step Income Statement
400
Discounts that seller may offer to the buyer for early payment
What is Sales Discounts
400
How do you find current capital
What is Capital + Net Income - Drawing=Current Capital
400
Returned merchandise for adjustment for defective merchandise
What is Sales Returns and Allowances
400
What is normal balance side of assets
What is Debit
500
How do you close expenses
What is Income Summary debit Expenses Credit
500
Inventory system in which each purchase and sale of merchandise is recorded in the inventory account
What is Perpetual Inventory System
500
Purchased $5,000 of Merchandise on account from Delta Data Link, terms 2/10/n/30
What is Merchandise debit Accounts Payable Delta Data Link - credit
500
The seller pays the shipping point from the selling point to the desgination
What is FOB Destination
500
Define gross profit
What is Cost of Merchandise sold from sales