Accounting Chapter 9

Goods that a business purchases to sell. 

• merchandise 
• retail merchandising 
• Services 
• wholesale merchandise

A petty cash on hand amount that is more than a recorded amount. 

• Cash Short 
• Cash Over 
• Petty Cash Report 
• Bonus 

An account that reduces a related account on a financial statement. 

• Special Journal 
• Cash Payments Journal 
• Purchases Journal 
• Contra Account 

A reduction in the list price granted to customers. 

• Invoice discount 
• Terms of Sale 
• Purchases Discount 
• Trade Discount 

A cash discount on purchases taken by a customer. 

• Trade discount 
• Terms of sale 
• Purchase discount 
• Purchases Return 

A journal used to record only one kind of transaction. 

• Cash Payments Journal 
• Special Journal 
• Purchases journal 
• Contra Account 

The cost a business pays for goods it purchases to sell. 

• Markup 
• List price 
• Retail price 
• Cost of merchandise 

A petty cash on hand amount that is less than a recorded amount. 

• Cash short 
• Cash over 
• Cash discount 
• Petty cash overage 

The amount added to the cost of merchandise to establish the selling price. 

• Retail Price 
• Markdown
• Markup 
• Cost of Merchandise

A journal amount column that is not headed with an account title. 

• General Amount Column
• Cash Payments Journal 
• Special Amount Column 
• Purchases Journal