Solved

Match the Correct Definitions Below with the Terms

Question 111

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:

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
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A)Purchases

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