Matching
Match the correct definitions below with the terms.
Premises:
Group of accounts representing the details of a controlling account
Title or ownership changes hands when the buyer receives the goods.
Account in the general ledger that summarizes the balance of accounts in a subsidiary ledger
Account used to record the reduction in sales due to either the physical return of goods or defective goods
Subsidiary ledger that presents the individual accounts of credit customers
Buyer responsibility for paying the freight cost.
Special journal used for recording the purchase of merchandise on account only
Journal in which returns and allowances (on account) are recorded
Business form prepared by the seller
Responses:
FOB destination
Sales Returns and Allowances
Controlling account
Accounts receivable ledger
Subsidiary ledger
Purchases journal
Sales invoice
FOB shipping point
General journal
Correct Answer:
Premises:
Responses:
Group of accounts representing the details of a controlling account
Title or ownership changes hands when the buyer receives the goods.
Account in the general ledger that summarizes the balance of accounts in a subsidiary ledger
Account used to record the reduction in sales due to either the physical return of goods or defective goods
Subsidiary ledger that presents the individual accounts of credit customers
Buyer responsibility for paying the freight cost.
Special journal used for recording the purchase of merchandise on account only
Journal in which returns and allowances (on account) are recorded
Business form prepared by the seller
Premises:
Group of accounts representing the details of a controlling account
Title or ownership changes hands when the buyer receives the goods.
Account in the general ledger that summarizes the balance of accounts in a subsidiary ledger
Account used to record the reduction in sales due to either the physical return of goods or defective goods
Subsidiary ledger that presents the individual accounts of credit customers
Buyer responsibility for paying the freight cost.
Special journal used for recording the purchase of merchandise on account only
Journal in which returns and allowances (on account) are recorded
Business form prepared by the seller
Responses:
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