Cash - $100 A small box containing a small amount of cash, and used for disbursements too small to be worth the normal cash disbursements paperwork. What is Petty Cash? Back to Board
Cash - $200 A credit to cash indicates the cash balance has done this. What is a Decrease in the cash balance? Back to Board
Cash - $300 When you pay an expense, you record this half of an entry to the cash account. What is “Credit”? Back to Board
Cash - $400 The bank issues this type of memo to notify you that they have reduced your checking account balance. What is a Debit Memo? Back to Board
Cash - $500 The name of the account used to write-off small cash account errors, when those errors are too small and immaterial to be worth the time needed to investigate them. What is “Cash Short and Over”? Back to Board
Merchandising - $100 This balance sheet account holds the value of purchased merchandise (and its incoming freight) until the goods are sold. What is the Inventory account? Back to Board
Merchandising $200 When merchandise is sold on terms of Net 30, you debit this account for the amount charged to the customer. What is “Accounts Receivable”? Back to Board
Merchandising $300 When merchandise is sold, you debit this account for the cost of the products which went out the door with the customer. What is “Cost of Goods Sold”? Back to Board
Merchandising $400 When you sell merchandise, you credit this account for the amount charged the customer. What is Revenue? Back to Board
Merchandising $500 When a company sells merchandise, it credits this account for the cost of the goods that went out the door with the customer. What is the Inventory account? Back to Board
Terminology $100 A reduction in assets, caused by the normal operation of the business, is usually this. What is an Expense? Back to Board
Terminology $200 Alpha Corp. loans money to Zulu Co.; Zulu gives Alpha this document, which can then be freely traded on the secondary market. What is a Marketable Security (or Debt Security)? Back to Board
Terminology --- When a company sells on credit, it uses this account to set aside an amount in expectation that some or all of the receivable will eventually become uncollectible.
Terminology --- Back to Board When a company sells on credit, it uses this account to set aside an amount in expectation that some or all of the receivable will eventually become uncollectible. What is “Allowance for Bad Debt”.