jeopardy chapter 9 – ms. lapointe template created by c. lyman © september 2001
TRANSCRIPT
JeopardyChapter 9 – Ms. LapointeJeopardyChapter 9 – Ms. Lapointe
Template Created By C. Lyman© September 2001
JeopardyJeopardy
9-1 Journal/Ledger 9-2 Journals Category5
100 100 100 100 100
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300 300 300 300 300
400 400 400 400 400
500 500 500 500 500
CreditsCredits
That’s all folks.
Exit
Category 1 $100Category 1 $100
A merchandising business that sells to those who use or consume the goods
Category 1 $100Category 1 $100
What is a retail merchandising business?
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A business that buys and resells merchandise primarily to other merchandising businesses.
Category 1 $200Category 1 $200
What is a wholesale merchandising business?
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Each unit of ownership in a corporation.
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What is a share of stock?
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An organization with legal rights of a person which many persons or other corporations may own.
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What is a corporation?
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A legal document that identifies basic characteristics of a corporation.
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What are articles of incorporation?
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An account in a general ledger that summarizes all accounts in a subsidiary ledger.
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What is a controlling account?
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An account that reduces a related account on a financial statement (purchase discount decreases purchase account).
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What is a contra account?
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A journal used to record only one kind of transactions (purchases).
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What is a special journal?
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A journal amount column that is not headed with an account title.
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What is a general account column?
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A maximum outstanding balance allowed to a customer by a vender.
A listing of vendor accounts, account balances, and the total amount due to all vendors
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What is a credit limit? What is a Schedule of Accounts Payable?
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A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand (typically at year end) is called a(n).
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What is physical inventory?
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To replenish a $350 petty cash fund, if the petty cash supervisor had receipts totaling $274 and cash $74.00 in the petty cash box, one part of the journal entry is a …
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Debit to Cash Short and Over for 2.00 – cash short is always a debit and cash over is credit?
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A form requesting that a vendor sell merchandise to a business.
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What is a purchase order?
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An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.
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What is perpetual inventory?
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A form requesting the purchase of merchandise.
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What is a requisition?
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A purchase of merchandise on credit would be entered into the _______________ journal.
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Purchase Journal?
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Paid cash to Knight Electric for the electric bill, $650, cheque 345.
What journal and how would you journalize it?
Category 4 $200Category 4 $200
Category 4 $300Category 4 $300
Paid cash on account to Lapointe Supply, $3400, covering P378, less 2% discount, C789?
How would you journalize this transaction?
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Cash Payment Journal Account Payable DB $3400 Cash CR $3332 Purchase Discount CR $68
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True or False The terms of sale 1/10, n/30 means that 1/10 or
10% of the invoice amount may be deducted if paid within 30 days?
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False 1/10 means 10% off in 10 days
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A deduction that a vendor allows on an invoice amount to encourage prompt payment.
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What is cash discount?
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How do you prove a journal?
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Total and double underline?
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What gets posted on a daily basis in the purchase journal?
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Individual account payable account to the subsidiary ledger?
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What do you post at the end of the month on a purchase journal?
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Purchase DB and Purchases CR
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What gets posted daily in a cash payment journal?
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The general journal DR and CR columns and individual account payment amounts (subsidiary ledger).
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What gets posted monthly in a cash payment journal?
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Cash, purchase discount, and controlling account payment account