Welcome to... A Game of X’s and O’s

Rules Groups of two are asked and can answer as a pair NO NOTESNO NOTES Go around the room in order 3 in a row wins the game If no team gets three in a row, whichever team gets 5 marks wins the game Best of 3 series Each win is worth a bonus point

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 What is the normal balance of the purchases account?

1 DEBIT Home

2 What does the following mean: 2/10 n/30?

2 TWO % DISCOUNT IF PAID IN 10 DAYS, NET IN 30

3 What is the normal balance of the purchases discount account?

3 CREDIT

4 An organization with the legal rights of a person and which may be owned by many people

4 CORPORATION

5 Each unit of ownership in a corporation is called ___

5 SHARE OF STOCK

6 Which types of transactions go in the purchases journal?

6 PURCHASE OF MERCHANDISE ON ACCOUNT

7 What is the normal balance of the purchases returns and allowances account?

7 CREDIT

8 What is the purchases returns an allowances a contra account to?

8 PURCHASES

9 What is the normal balance of the cash short and over account?

9 NONE

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 What source document is used for a cash purchase?

1 CHECK Home

2 A business that sells directly to the consumer.

2 MERCHANDISING BUSINESS

3 What is the normal balance of any contra account?

3 OPPOSITE THE NORMAL BALANCE OF RELATED ACCT

4 The source document for a purchase on account.

4 PURCHASE INVOICE

5 If there is a cash over situation of $3.00, what must you do to the cash short and over account?

5 CREDIT OF $3.00

6 The source document for returning merchandise.

6 DEBIT MEMORANDUM

7 What is a credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payable?

7 PURCHASE RETURN

8 The source document for purchasing office supplies on account.

8 MEMORANDUM

9 Merchandise for $100 was purchased on account on March 1 st with terms of sale 2/10, n/30. If we pay for this merchandise on March 15 th, how much do we owe?

9 $100

Scoreboard X O Click Here if X Wins Click Here if O Wins

1 Paid cash for telephone bill, $28 C90

1 $28 DEBIT UTILITIES EXPENSE $28 CREDIT CASH Home

2 Paid cash on account to Goods Inc., $80, covering P21, no discount C91

2 $80 DEBIT ACCTS PAY/ GOOD INC $80 CREDIT CASH

3 Purchased merchandise from Rex Inc. with cash and a list price of $100 less 50% trade discount C93

3 $50 DEBIT PURCHASES $50 CREDIT CASH

4 Bought office supplies on account from Colgate Inc. $48 M12

4 $48 DEBIT SUPPLIES – OFFICE $48 CREDIT ACCTS PAY/COLGATE

5 Paid cash on account to Wonka Inc., $200, covering P18 for $220 less DM8, $20, no discount C98

5 $200 DEBIT ACCTS PAY/ WONKA INC. $200 CREDIT CASH

6 Returned merchandise to Wonka Inc. $20, from P44. DM8

6 $20 DEBIT ACCTS PAY/WONKA INC. $20 CREDIT PURCHASE RET. & ALL.

7 Purchased merchandise on account from Smith LLC, $150 P11

7 $150 DEBIT PURCHASES $150 CREDIT ACCTS PAY/SMITH LLC

8 Paid cash on account to Rock Inc., $98 covering P25 for $100 less 2% discount, $2 C98

8 $100 DEBIT ACCTS PAY/ROCK INC $2 CREDIT PURCHASES DISC $98 CREDIT CASH

9 Paid cash for office supplies, $10 C89

9 $10 DEBIT SUPPLIES – OFFICE $10 CREDIT CASH