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The main difference between a service business and a merchandising business is?
When a business keeps its accounting records on the assumption that it will make money and continue in business indefinitely, it is applying this accounting concept.
A cash payments journal includes how many special amount columns and what are they?
Keeping the reports and financial records of a business separate from the personal records of the partners is an application of the accounting concept
When merchandise is withdrawn by a partner, the transaction will increase the balance of the ____ account and decrease the balance of the ___ account
The purchases account is classified as a ? account
Assets taken out of a business for the personal use of an owner are usually
The source document for a cash purchase is a
Supplies bought for use in a business are recorded in the
The source document for recording a purchase on account transaction is a
The entry to journalize a purchase of merchandise on account is
Accounts related to the cost of merchandise are kept in a ? division in the general ledger chart of accounts.
Buying supplies on account increases the ? account balance and increases the ? ? account balance.
The selling price of merchandise must be ____ than the cost of merchandise for a business to make a profit.
The cost account purchases in a ? account.
A cash purchase transaction ? the balance of the cash account.
Which of these accounts has a normal credit balance?
The entry to journalize a payment to replenish a petty cash fund is debit
Chapter 10 Journalizing Purchases and Cash Payments.
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