Survey of Accounting Chapter 9 Exam Questions and Correct Answers Already Passed
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Survey of Accounting Chapter 9
Institution
Survey Of Accounting Chapter 9
Survey of Accounting Chapter 9 Exam Questions and Correct Answers Already Passed
Retailers - Answers merchants who buy goods from wholesalers for resale to customers
Merchandise - Answers goods brought into a store for resale to customers
Sales REturns and Allowances (SRA) Account - Answers a c...
Survey of Accounting Chapter 9 Exam Questions and Correct Answers Already Passed
Retailers - Answers merchants who buy goods from wholesalers for resale to customers
Merchandise - Answers goods brought into a store for resale to customers
Sales REturns and Allowances (SRA) Account - Answers a contra-revenue account that records price
adjustments and allowances granted on merchandise that is defective and has been returned
Sales Discount - Answers amount a customer is allowed to deduct from the bill total for paying a bill
during the discount period
Discount Period - Answers a period shorter than the credit period when a discount is available to
encourage early payment of bills
Credit Period - Answers length of time allowed for payment of goods sold on account
Sales Discount Account - Answers a contra-revenue account that records cash discounts granted to
customers for payments made within a specific period of time
Net Sales - Answers Gross sales less sales returns and allowances less sales discounts
Gross Sales - Answers the revenue earned from sale of merchandise to customers
Sales Tax Payable Account - Answers an account in the general ledger that accumulates the amount of
sales tax owed; it ahs a credit balance
Sales Invoice - Answers a bill sent to customer(s) reflecting a credit sale
Accounts Receivable Subsidiary Ledger - Answers a book or file that contains the individual records, in
alphabetical order, or amounts owed by various credit customers
Subsidiary Ledger - Answers a ledger that contains accounts of a single type
Controlling Account -- Accounts Receivable - Answers this account in the general ledger, after postings
are complete, shows a firm the total amount of money owed to it; this figure is broken down in the
accounts receivable subsidiary ledger, where it indicates specifically who owes the money
Credit Memorandum - Answers a piece of paper sent by the seller to a customer who has returned
merchandise previously purchased on credit; _______ indicates to the customer that the seller is
reducing the amount owed by the customer
Schedule of Account Receivable - Answers a list of the customers, in alphabetical order, that have an
outstanding balance in the accounts receivable subsidiary ledger; this total should be equal to the
balance of the Accounts Receivable controlling account in the general ledger at the end of the month
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