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Chapter Nine Extra Credit Crossword Puzzle
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Accounts payable ledger: A subsidiary ledger that lists the individual accounts of creditors in either alphabetical or numerical order with their respective balances.
Accounts receivable ledger: A subsidiary ledger that lists the individual accounts of credit customers in either alphabetical or numerical order, with their respective transactions and balances.
Controlling account: An account in the general ledger that summarizes the balances of a subsidiary ledger.
Credit memorandum: A written statement indicating a seller’s willingness to reduce the amount of a buyer’s debt. The seller records the amount of the credit memorandum in the Sales Returns and Allowances account.
FOB destination: Shipping terms under which the seller pays the freight charges and includes them in the selling price. Title or ownership changes hands when the buyer receives the goods.
FOB shipping point: Shipping terms under which the buyer pays the freight charges between the point of shipment and the destination. Payment may be made directly to the carrier upon receiving the goods or to the supplier if the supplier prepaid the freight charges on behalf of the buyer. Title or ownership changes hands when goods are transferred to the freight company.
Freight In account: The account used to record transportation charges on incoming merchandise intended for resale.
Invoices: Business forms prepared by the seller that list the items shipped, their cost, the terms of the sale, and the mode of shipment. They may also state the freight charges. The buyer considers them purchase invoices; the seller considers them sales invoices.
Merchandise inventory: Goods (an asset account) that a company buys and intends to resell at a profit.
Merchandising businesses: Businesses that buy and sell goods.
Periodic inventory system: A method of recording inventory that requires the company to determine the amount of goods on hand by periodically taking a physical count and then attaching a value to it.
Perpetual inventory system: A method of recording inventory that provides the firm with a running balance of inventory.
Purchase order: A written order from the buyer of goods to the supplier, listing the items wanted and the terms of the transaction.
Purchase requisition: A form used to request that the Purchasing Department buy something. This form is intended for internal use within a company.
Purchases account: An account for recording the cost of merchandise acquired for resale.
Purchases Discounts: account An account that records cash discounts granted by suppliers in return for prompt payment; it is treated as a deduction from Purchases.
Purchases journal: A special journal used to record only the buying of goods on account. It may be used to record the purchase of merchandise only.
Purchases Returns and Allowances account: An account that records a company’s return of merchandise it has purchased or a reduction in the bill because of damaged merchandise; it is treated as a deduction from Purchases.
Retail business: A business that sells goods directly to consumers.
Sales account: A revenue account for recording the sale of merchandise.
Sales Discounts account: An account that records a deduction from the original price, granted by the seller to the buyer for the prompt payment of an invoice.
Sales journal: A special journal for recording only the sale of merchandise on account.
Sales Returns and Allowances account: The account a seller uses to record the physical return of merchandise by customers or a reduction in a bill because merchandise was damaged. Sales Returns and Allowances is treated as a deduction from Sales. This account is usually evidenced by a credit memorandum issued by the seller.
Sales Tax Payable account: An account used to record a tax levied by a state or city government on the retail sale of goods and services. The tax is paid by the consumer but collected by the retailer.
Special journals: Books of original entry in which specialized types of repetitive transactions are recorded.
Subsidiary ledger: A group of accounts representing individual subdivisions showing the debits and credits of a controlling account.
Summarizing entry: An entry made to post the column totals of a special journal to the appropriate accounts in the general ledger.
Wholesale business: A business that buys goods from manufacturers and sells those goods (normally in large quantities) to retailers for resale.
Chapter Nine Extra Credit Crossword Puzzle
Across:4. | Shipping terms under which the seller pays the freight charges and includes them in the selling price. Title or ownership changes hands when the buyer receives the goods. | 7. | A revenue account for recording the sale of merchandise. | 10. | Books of original entry in which specialized types of repetitive transactions are recorded. | 12. | An entry made to post the column totals of a special journal to the appropriate accounts in the general ledger. | 14. | A form used to request that the Purchasing Department buy something. This form is intended for internal use within a company. | 16. | An account used to record a tax levied by a state or city government on the retail sale of goods and services. The tax is paid by the consumer but collected by the retailer. | 17. | Goods (an asset account) that a company buys and intends to resell at a profit. |
| 18. | A business that sells goods directly to consumers. | 20. | A written order from the buyer of goods to the supplier, listing the items wanted and the terms of the transaction. | 21. | account An account that records cash discounts granted by suppliers in return for prompt payment; it is treated as a deduction from Purchases. | 22. | An account that records a deduction from the original price, granted by the seller to the buyer for the prompt payment of an invoice. | 23. | A method of recording inventory that requires the company to determine the amount of goods on hand by periodically taking a physical count and then attaching a value to it. | 24. | A method of recording inventory that provides the firm with a running balance of inventory. | 25. | Businesses that buy and sell goods. |
| | Down:1. | A special journal used to record only the buying of goods on account. It may be used to record the purchase of merchandise only. | 2. | The account used to record transportation charges on incoming merchandise intended for resale. | 3. | The account a seller uses to record the physical return of merchandise by customers or a reduction in a bill because merchandise was damaged. Sales Returns and Allowances is treated as a deduction from Sales. This account is usually evidenced by a credit memorandum issued by the seller. | 5. | A group of accounts representing individual subdivisions showing the debits and credits of a controlling account. | 6. | An account for recording the cost of merchandise acquired for resale. | 8. | A business that buys goods from manufacturers and sells those goods (normally in large quantities) to retailers for resale. |
| 9. | A written statement indicating a seller’s willingness to reduce the amount of a buyer’s debt. The seller records the amount of the credit memorandum in the Sales Returns and Allowances account. | 11. | A subsidiary ledger that lists the individual accounts of creditors in either alphabetical or numerical order with their respective balances. | 13. | Shipping terms under which the buyer pays the freight charges between the point of shipment and the destination. Payment may be made directly to the carrier upon receiving the goods or to the supplier if the supplier prepaid the freight charges on behalf of the buyer. Title or ownership changes hands when goods are transferred to the freight company. | 15. | Business forms prepared by the seller that list the items shipped, their cost, the terms of the sale, and the mode of shipment. They may also state the freight charges. The buyer considers them purchase invoices; the seller considers them sales invoices. | 19. | A special journal for recording only the sale of merchandise on account. |
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© 2012
PuzzleFast.com, Noncommercial Use Only
Chapter Nine Extra Credit Crossword Puzzle
Across:4. | Shipping terms under which the seller pays the freight charges and includes them in the selling price. Title or ownership changes hands when the buyer receives the goods. | 7. | A revenue account for recording the sale of merchandise. | 10. | Books of original entry in which specialized types of repetitive transactions are recorded. | 12. | An entry made to post the column totals of a special journal to the appropriate accounts in the general ledger. | 14. | A form used to request that the Purchasing Department buy something. This form is intended for internal use within a company. | 16. | An account used to record a tax levied by a state or city government on the retail sale of goods and services. The tax is paid by the consumer but collected by the retailer. | 17. | Goods (an asset account) that a company buys and intends to resell at a profit. |
| 18. | A business that sells goods directly to consumers. | 20. | A written order from the buyer of goods to the supplier, listing the items wanted and the terms of the transaction. | 21. | account An account that records cash discounts granted by suppliers in return for prompt payment; it is treated as a deduction from Purchases. | 22. | An account that records a deduction from the original price, granted by the seller to the buyer for the prompt payment of an invoice. | 23. | A method of recording inventory that requires the company to determine the amount of goods on hand by periodically taking a physical count and then attaching a value to it. | 24. | A method of recording inventory that provides the firm with a running balance of inventory. | 25. | Businesses that buy and sell goods. |
| | Down:1. | A special journal used to record only the buying of goods on account. It may be used to record the purchase of merchandise only. | 2. | The account used to record transportation charges on incoming merchandise intended for resale. | 3. | The account a seller uses to record the physical return of merchandise by customers or a reduction in a bill because merchandise was damaged. Sales Returns and Allowances is treated as a deduction from Sales. This account is usually evidenced by a credit memorandum issued by the seller. | 5. | A group of accounts representing individual subdivisions showing the debits and credits of a controlling account. | 6. | An account for recording the cost of merchandise acquired for resale. | 8. | A business that buys goods from manufacturers and sells those goods (normally in large quantities) to retailers for resale. |
| 9. | A written statement indicating a seller’s willingness to reduce the amount of a buyer’s debt. The seller records the amount of the credit memorandum in the Sales Returns and Allowances account. | 11. | A subsidiary ledger that lists the individual accounts of creditors in either alphabetical or numerical order with their respective balances. | 13. | Shipping terms under which the buyer pays the freight charges between the point of shipment and the destination. Payment may be made directly to the carrier upon receiving the goods or to the supplier if the supplier prepaid the freight charges on behalf of the buyer. Title or ownership changes hands when goods are transferred to the freight company. | 15. | Business forms prepared by the seller that list the items shipped, their cost, the terms of the sale, and the mode of shipment. They may also state the freight charges. The buyer considers them purchase invoices; the seller considers them sales invoices. | 19. | A special journal for recording only the sale of merchandise on account. |
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© 2012
PuzzleFast.com, Noncommercial Use Only