1. Welcome to... A Game of X’s and O’s

2. Rules Only one person is asked and can answer NO 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 Winning team gets a bonus point

3. 789 456 123

4. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

5. 1 A cash discount on sales taken by a customer

6. 1 Sales Discount Home

7. 2 A form prepared by the vendor showing the amount deducted for returns and allowances

8. 2 Credit Memorandum

9. 3 T or F? Purchases and sales of merchandise are two major activities of a merchandising business

10. 3 TRUE

11. 4 The amount of sales tax on a sale is calculated as the price of goods _____ the sales tax rate

12. 4 times

13. 5 T or F? Cash is proved when the total of the Cash Debit column of a cash receipts journal equals the next unused check stub

14. 5 FALSE

15. 6 T or F? Sales invoices should be numbered in sequence, prepared in triplicate, used a source document for sales on account

16. 6 TRUE

17. 7 A special journal used to record only sales of merchandise on account is called a __________ _____________

18. 7 Sales journal

19. 8 T or F? The amount of sales tax collected is a liability of the business until paid to the government.

20. 8 TRUE

21. 9 A report of credit card sales produced by a point-of-sale terminal is called a _______ ________

22. 9 Batch report

25. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

26. 1 The report that summarizes the cash and credit card sales of a POS Terminal is known as this:

27. 1 Terminal Summary Home

28. 2 T or F? When a customer is granted credit for merchandise returned, Accounts Receivable is debited

29. 2 FALSE

30. 3 T or F? Regardless of when merchandise is sold, revenue should be recorded when cash is received

31. 3 FALSE

32. 4 A sale in which a credit card is used for the total amount of the sale at the time of the transaction is known as a:

33. 4 Credit Card Sale

34. 5 A computer used to collect, store, and report all the information of a sales transaction is called a _______-____-______ ____________

35. 5 Point-of-sale terminal

36. 6 Sales Returns and Allowances is__________. A.An expense accountB. A revenue account C. A contra revenue account

37. 6 C. A contra revenue account Home

38. 7 Sales discounts are recorded in what special journal?

39. 7 Cash Receipts Journal

40. 8 The process for preparing a batch report of credit card sales from a POS terminal is called:

41. 8 Batching out

42. 9 T or F? A terminal summary reports total cash and credit card sales of a POS terminal

43. 9 TRUE

46. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

47. 1 Credit allowed to a customer for part of the sales price of merchandise that is not returned

48. 1 Sales allowance Home

49. 2 T or F? Because Sales Discount is a contra account to Sales, its has a normal debit balance

50. 2 TRUE

51. 3 T or F? POS terminals use UPC symbols to obtain the description and the price of merchandise sold.

52. 3 TRUE

53. 4 When merchandise is sold on account and sales tax is also collected, the accounts receivable account balance is _____________

54. 4 increased

55. 5 Using a terminal summary as a source document for weekly cash and credit card sales is an application of the accounting concept _________ ______________

56. 5 Objective evidence

57. 6 What is the amount of cash received for a sale on account of $1,000.00 with sales tax of $80.00 when the cash is received within a 2 percent discount period?

58. 6 $1,058.40

59. 7 T or F? When cash is received for a sale on account within the discount period, the amount credited to A/R is reduced by the amount of the discount

60. 7 FALSE (what is reduced?)

61. 8 A form prepared by the vendor showing the amount deducted for returns and allowances is known as a ________ ______________

62. 8 Credit memorandum

63. 9 How many special journals are there for a merchandising business organized as a corporation?

64. 9 5 special journals