Chapter 11: Accounting for Transactions Using a General Journal

A journal with two amount columns in which all kinds of entries can be recorded.

• general journal

• sales journal

• cash payments journal

• cash journal

Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable to the vendor.

• sales return

• sales allowance

• purchases return

• purchases allowance

Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's account payable to the vendor.

• purchases return

• sales return

• purchases allowance

• sales allowance

A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.

• Purchases Return

• Credit memorandum

• Debit memorandum

• Purchases Allowance

Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.

• Purchases Return

• Sales Allowance

• Purchases Allowance

• Sales Return

Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business.

• Purchases Allowance

• Sales Allowance

• Sales Return

• Purchases Return

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

• Credit Memorandum

• Debit Memorandum

• Sales Receipt

• Sales Discount

An amount earned by a corporation and not yet distributed to stockholders.

• Sale Earnings

• Withheld Earnings

• Retained Earnings

• Private Earnings

Earnings distributed to stockholders.

• Dividends

• Sales

• Cash

• Earnings

A group of persons elected by the stockholders to govern a corporation.

• Board Members

• Advisers

• Dictators

• Board of Directors