accounting jeopardy chapter 6 by carl lyman © december 2001
TRANSCRIPT
Accounting Accounting JeopardyJeopardyChapter 6Chapter 6
By Carl LymanBy Carl Lyman© © December 2001December 2001
Accounting JeopardyAccounting Jeopardy
Basic TermsBasic Terms PurchasesPurchases DiscountsDiscounts MiscMisc
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400
500 500 500 500
CreditsCredits
That’s all folks.That’s all folks.
Exit
Terms $100Terms $100
An organization with the legal An organization with the legal rights of a person and which rights of a person and which may be owned by many may be owned by many persons.persons.
Terms $100Terms $100
What is a corporation?What is a corporation?
Terms $200Terms $200
A journal used to record only A journal used to record only one kind of transaction.one kind of transaction.
Terms $200Terms $200
What is a special journal?What is a special journal?
Terms $300Terms $300
A merchandising business A merchandising business that sells to those who use or that sells to those who use or consume the goods.consume the goods.
Terms $300Terms $300
What is a retail What is a retail merchandising business?merchandising business?
Terms $400Terms $400
A from prepared by the A from prepared by the customer showing the price customer showing the price deduction taken by the deduction taken by the customer for returns and customer for returns and allowances.allowances.
Terms $400Terms $400
What is debit memorandumWhat is debit memorandum
Terms $500Terms $500
Total shares of ownership in Total shares of ownership in a corporation.a corporation.
Terms $500Terms $500
What is Capital Stock?What is Capital Stock?
PURCHASES $100PURCHASES $100
An invoice used as a source An invoice used as a source document for recording a document for recording a purchase on account purchase on account transactiontransaction
PURCHASES $100PURCHASES $100
What is purchase invoice?What is purchase invoice?
PURCHASES $200PURCHASES $200
Credit allowed for the price of Credit allowed for the price of returned merchandise, returned merchandise, resulting in a decrease in the resulting in a decrease in the customer’s accounts payable.customer’s accounts payable.
PURCHASES $200PURCHASES $200
Purchase ReturnPurchase Return
PURCHASES $300PURCHASES $300
Purchases is what category Purchases is what category of account?of account?
PURCHASES $300PURCHASES $300
Cost of MerchandiseCost of Merchandise
PURCHASES $400PURCHASES $400
When purchases are When purchases are recorded at their cost, recorded at their cost, including any related shipping including any related shipping costs and taxes this costs and taxes this accounting concept is being accounting concept is being applied.applied.
PURCHASES $400PURCHASES $400
What is Historical CostWhat is Historical Cost
PURCHASES $500PURCHASES $500
The purchases account is The purchases account is increased by thisincreased by this
PURCHASES $500PURCHASES $500
What is a debitWhat is a debit
DISCOUNTS $100DISCOUNTS $100
A deduction that a vendor A deduction that a vendor allows on the invoice amount allows on the invoice amount to encourage prompt to encourage prompt paymentpayment
DISCOUNTS $100DISCOUNTS $100
What is Cash discount?What is Cash discount?
DISCOUNTS $200DISCOUNTS $200
A cash discount on A cash discount on purchases taken by a purchases taken by a customercustomer
DISCOUNTS $200DISCOUNTS $200
What is purchases discount?What is purchases discount?
DISCOUNTS $300DISCOUNTS $300
A reduction in the list price A reduction in the list price granted to customersgranted to customers
DISCOUNTS $300DISCOUNTS $300
What is trade discount?What is trade discount?
DISCOUNTS $400DISCOUNTS $400
Purchase discounts are Purchase discounts are increase with this.increase with this.
DISCOUNTS $400DISCOUNTS $400
What is a Credit?What is a Credit?
DISCOUNTS $500DISCOUNTS $500
The terms of sale of 5/15, The terms of sale of 5/15, n/30 mean this.n/30 mean this.
DISCOUNTS $500DISCOUNTS $500
What is a 5% discount within What is a 5% discount within 15 days or the entire amount 15 days or the entire amount is due within 30 daysis due within 30 days
Miscellaneous $100Miscellaneous $100
Paper and Pens that are Paper and Pens that are bought for use in a business bought for use in a business are recorded in this account.are recorded in this account.
Miscellaneous $100Miscellaneous $100
What is Supplies?What is Supplies?
Miscellaneous $200Miscellaneous $200
What is the normal balance of What is the normal balance of a contra account?a contra account?
Miscellaneous $200Miscellaneous $200
What is the opposite the What is the opposite the normal balance of their normal balance of their related accountsrelated accounts
Miscellaneous $300Miscellaneous $300
Merchandise purchased for Merchandise purchased for $2,000.00 on July 1, the $2,000.00 on July 1, the terms of 2/10, n/30, the terms of 2/10, n/30, the amount due on July 12 is?amount due on July 12 is?
Miscellaneous $300Miscellaneous $300
What is What is $2,000.00 $2,000.00
Miscellaneous $400Miscellaneous $400
Merchandise with a list price Merchandise with a list price of $2,500.00 and a trade of $2,500.00 and a trade discount of 60% was discount of 60% was purchased on July 1. Terms purchased on July 1. Terms of sale are 2/10, n/30. of sale are 2/10, n/30. Payment is made on July 9. Payment is made on July 9. What is the amount due?What is the amount due?
Miscellaneous $400Miscellaneous $400
What is $980.00? What is $980.00?
Miscellaneous $500Miscellaneous $500
To replenish a $200.00 petty To replenish a $200.00 petty cash fund, if the receipts cash fund, if the receipts totaled $147.50 and cash of totaled $147.50 and cash of $49.50 in the petty cash box. $49.50 in the petty cash box. Is the Cash Short or Over Is the Cash Short or Over and by how much?and by how much?
Miscellaneous $500Miscellaneous $500
What is short by $3.00What is short by $3.00