Matching
Match the following terms with their definitions or descriptions.
Premises:
Controlling account - Accounts Receivable
Sales Tax Payable
Credit period
Accounts receivable subsidiary ledger
Credit memorandum
Sales Returns and Allowances
Discount period
Cash receipts journal
Crossfooting
Gross sales
Responses:
The revenue earned from the sale of merchandise to customers.
An account that accumulates sales tax owned.
A special journal that records all receipts of cash.
Length of time allowed for payment of goods sold on account.
A book or file of the individual records of amounts owed by credit customers.
The process of proving the total debit and credit columns of a special journal.
The Accounts Receivable account in the general ledger.
A business form sent to a customer indicating the seller is reducing the amount owed.
Contra revenue account that records adjustments granted to customers for returns.
A period shorter than the credit period to encourage early payment by customers.
Correct Answer:
Premises:
Responses:
Controlling account - Accounts Receivable
Sales Tax Payable
Credit period
Accounts receivable subsidiary ledger
Credit memorandum
Sales Returns and Allowances
Discount period
Cash receipts journal
Crossfooting
Gross sales
Premises:
Controlling account - Accounts Receivable
Sales Tax Payable
Credit period
Accounts receivable subsidiary ledger
Credit memorandum
Sales Returns and Allowances
Discount period
Cash receipts journal
Crossfooting
Gross sales
Responses:
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