Matching
Match the correct definitions below with the terms.
Premises:
Special journal used to record all transactions where cash is received
Special journal used for recording transactions decreasing cash
A written promise to pay a specified amount at a specified time
Agreement between seller and buyer on payment
Reduction from the invoice price for prompt payment
An account in which to record the fee charged by banks on a firm's credit card sales
The time period within which the buyer should pay for his or her charge purchase
Large reduction from the list price that is not recorded on the books of the buyer
Reduction from the invoice price for prompt payment as recorded on the books of the seller
Reduction from the invoice price for prompt payment as recorded on the books of the buyer
Responses:
Purchases discount
Cash discount
Trade discount
Credit terms
Cash payments journal
Promissory note
Cash receipts journal
Credit Card Expense
Credit period
Sales discount
Correct Answer:
Premises:
Responses:
Special journal used to record all transactions where cash is received
Special journal used for recording transactions decreasing cash
A written promise to pay a specified amount at a specified time
Agreement between seller and buyer on payment
Reduction from the invoice price for prompt payment
An account in which to record the fee charged by banks on a firm's credit card sales
The time period within which the buyer should pay for his or her charge purchase
Large reduction from the list price that is not recorded on the books of the buyer
Reduction from the invoice price for prompt payment as recorded on the books of the seller
Reduction from the invoice price for prompt payment as recorded on the books of the buyer
Premises:
Special journal used to record all transactions where cash is received
Special journal used for recording transactions decreasing cash
A written promise to pay a specified amount at a specified time
Agreement between seller and buyer on payment
Reduction from the invoice price for prompt payment
An account in which to record the fee charged by banks on a firm's credit card sales
The time period within which the buyer should pay for his or her charge purchase
Large reduction from the list price that is not recorded on the books of the buyer
Reduction from the invoice price for prompt payment as recorded on the books of the seller
Reduction from the invoice price for prompt payment as recorded on the books of the buyer
Responses:
Related Questions
Q85: Indicate the appropriate columns in which
Q86: Merchandise costing $2,500 FOB shipping point, terms
Q87: Sales Discounts would appear as a Debit
Q88: An (X) below a column means the
Q89: Which of the following is NOT an
Q91: If merchandise bought on account has a
Q92: If merchandise is bought with a list
Q93: Column titles for a cash receipts journal
Q94: The time the seller allows the buyer
Q95: The following transactions were completed by Figureroa