22-23 Unit 4 Vocabulary - Accounting 2

when the petty cash report balance is lower than the cash on hand

• accounts payable

• discount

• cash over

• cash short

When companies buy on credit, they increase their a_______ p______

money owed to a company’s vendors

• accounts payable

• allowances

• cash over

• cash payments journal

Harry’s Sneaker Emporium kept the shipment of sneakers that were the wrong color, but the vendor gave them an a________ and they ended up paying a lot less for them.

when a customer agrees to keep defective or damaged merchandise but pays a lesser amount

• cash over

• allowances

• cash short

• petty cash

Alan’s cash count was higher than the petty cash report balance, so he was c___ o___

a journal used to record cash receipts

• cash receipts journal

• sales journal

• purchases journal

• petty cash

The accounts payable department wrote checks today and recorded the payments in a c___ p_______ j______

a journal used to record cash payments made by a company

• returns journal

• sales journal

• cash receipts journal

• cash payments journal

The accounts receivable department received 20 checks today and recorded the cash receipts into the c___ r_______ j______