Term
Accounts Payable Subsidiary Ledger |
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Definition
The ___ is a ledger that contains all CREDITOR accounts and the amount owed to each. |
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Term
Accounts Receivable Subsidiary Ledger |
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Definition
If you wanted to locate a CHARGE CUSTOMER's account quickly, you would look for it in the ___. |
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A reduction in the sales price of an item that is given for prompt payment is a(n) ___. |
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The special journal in which all transactions involving incoming cash are recorded is the ___. |
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The balance of a(n) ___ must agree with the balances of the accounts in its related subsidiary ledger. |
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A(n) ___ is a source document used to notify a charge customer that the CUSTOMER's account will be decreased for the amount of the return or allowance. |
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A source document used by the buyer to notify the seller that the SELLER's account is to be decreased is called a(n) ___. |
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The period of time within which an invoice must be paid in order to receive an amount off the invoice price is called a(n) ___. |
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Shipping terms of ___ specify that the SUPPLIER pays the shipping cost to the buyer's location. |
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Shipping terms of ___ specify that the BUYER pays the shipping charge from the supplier's shipping location. |
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The items of merchandise a business has in stock are its ___. |
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A(n) ___ is a document that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer. |
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___ is the process of determining whether the amounts of cash recorded in a business's acounting records and in its checkbook agree. |
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A business receives a ___ when it keeps unsatisfactory merchandise but pays less than its original price. |
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___ is a cash discount offered by the supplier for early payment. |
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Term
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Definition
A written offer to a supplier to buy certain items is called a(n) ___. |
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Merchandise returned by the buyer to the supplier for full credit is called a(n) ___. |
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Definition
A price reduction offered to a customer by a business for keeping damaged or defective merchandise is a(n) ___. |
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A(n) ___ is a special journal used to record only the sale of merchandise on account. |
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A(n) ___ is full credit or a cash refund offered to a customer for any returned merchandise. |
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Term
Schedule of Accounts Payable |
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Definition
A(n) ___ is a list of all CREDITORS in the accounts payable ledger, the balance in each account, and the total amount owed. |
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Term
Schedule of Accounts Receivable |
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Definition
A(n) ___ lists all the accounts in the accounts receivable subsidiary ledger and their balances. |
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A(n) ___ is used to record a specific kind of business transaction. |
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A(n) ___ is a ledger that is summarized in a controlling account in the general ledger. |
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A(n) ___ is a business that sells merchandise to retailers. |
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