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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When merchandise is withdrawn by a partner, the transaction will increase the balance of the ____ account and decrease the balance of the ___ account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
Part 2 Introduction Chapter 9, Section Prepare post-closing trial balance 7.Post adjusting and closing entries 6.Journalize adjusting.
Recording Transactions Using a General Journal
Accounting I Chapter 10 - Journalizing Purchases & Cash Payments.
Chapter 10 Journalizing Purchases and Cash Payments
PartnershipPartnership PartnerPartner Merchandising businessMerchandising business Retail merchandising businessRetail merchandising business MerchandiseMerchandise.
Jeopardy Category 1 Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Category 2 Category 3Category 4 Category 5.
Journalizing Purchases and Cash Payments Corporations Corporation – an organization with the legal rights of a person and which many persons may.
Journalizing Purchases and Cash Payments Using Special Journals
Chapter 9 Journalizing Purchases Using a Purchases Journal
An accounting device used to analyze transactions is a called a/an ____________ T ACCOUNT.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 1-1 Using Accounting Principles and Records.
Chapter 5, Section 4 Petty Cash
Accounting I Unit I Chapters 1-5.
Journalizing Sales and Cash Receipts Using Special Journals
Chapter 9, Section 4. Used for any transaction that cannot be recorded in a special journal. Examples: Buying supplies/equipment on account Purchases.
Chapter 9, Section 2. Used to record payments of cash Cash is always credited Special vs. General amount columns.
© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Explain the purpose of a general journal.
A General Ledger identifies each account individually and includes posted transactions and balances. ◦ Posting is the process of transferring original.
LESSON 9-4 Journalizing Other Transactions Using a General Journal
By Ms. Naira Partnerships-Merchandising Business.
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