Purchases Ledger - DOC

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					                                          _____________________________
                                                STUDENT NAME


                             Chapter 10 Review
                      Self-Paced Accounting Worksheet


Learning Unit 10-1
Chou’s Toy Shop

      1. The ________ account records the loss of merchandise for resale to
         customers.

             Purchases

      2. Purchases has a ______ balance and is classified as a ______.

             Debit
             Cost

      3. Equipment is not for resale to _________.

             Customers

      4. _________ ________ _______ __________ is a contra-cost account
         that records a decrease to a buyer’s cost.

             Purchases Returns and Allowances

      5. The normal balance of purchases returns and allowances is a
         ________.

             Credit

      6. The account that records cash discounts is called _______ ________.

             Purchases Discount

      7. The normal balance of purchases discount is a ________.

             Credit

      8. Purchases less purchase returns and allowances less purchases
         discounts equal _______ ________.
             Net Purchases

      9. F.O.B. ___________ means the seller pays the cost of freight.

             Destination

      10. F.O.B. ________ ________ means the buyer is responsible for paying
          the shipping costs.

             Shipping Point

      11. Purchases discounts are not taken on _______.

             Freight

      12. In F.O.B. shipping point, legal ownership (title) passes to the ______
          when the goods are shipped.

             Buyer


Learning Unit 10-2
Purchasing Merchandise and Recording Purchases

      13. A ________ ________ is a form used in business to place an order for
          the buying of goods from a seller.

             Purchase Order

      14. The ________ _________ is a form used within a business by the
          requesting department asking the purchasing department to buy
          specific goods.

             Purchase Requisition

      15. A sales invoice for the seller is a _______ ________ for the buyer.

             Purchase Invoice

      16. A _________ ________ is completed when goods are received and
          inspected.

             Receiving Report

      17. A ________ ________ records the buying of merchandise or other
          items on account.
       Purchases Journal

18. The _______ ________ ________ ________ lists the amounts owed to
    creditors from purchases on account.

       Accounts Payable Subsidiary Ledger

19. The normal balance in the accounts payable subsidiary ledger is a
    _______.

       Credit

20. The total of sundry in a purchases journal is _____ posted.

       Not

21. The accounts payable subsidiary ledger is updated ______ the month.

       During

22. The controlling account in the general ledger for the accounts payable
    subsidiary ledger is ________ ________.

       Accounts Payable

23. The totals of the purchases journal (except _______) are ________ at
    end of month to the general ledger.

       Sundry
       Posted

24. A ________ ________ is a piece of paper issued by a customer to a
    seller. It indicates that a return or allowance has occurred.

       Debit
       Memorandum

25. On a buyer’s books, a debit memo for merchandise results in a
    _______ to ________ _________ and a credit to _________ _______
    _________ _________.

       Debit
       Accounts Payable
       Schedule of Accounts Receivable
      26. On a seller’s books, receiving a debit memo results in a debit to
          _______ _________ ________ _________ and a credit to accounts
          receivable.

             Sales Returns and Allowances

      27. The posting of a journalized debit memorandum will be posted
          __________ to the subsidiary and general ledger.

             Immediately


Learning Unit 10-3
Cash Payments Journal and Schedule of Accounts Payable


      28. The ______ _______ _______ will record all payments made in cash
          (or by check).

             Cash Payments Journal

      29. No ________ is taken on sales tax or freight.

             Discount

      30. A cash payments journal can be _______ _______ to prove accuracy
          in recording transactions.

             Cross footed

      31. The total of the ________ ________ in the cash payments journal is
          never ________.

             Sundry Column
             Posted

      32. A ________ _______ ________ ________ helps prove that the sum of
          the accounts payable subsidiary ledger does equal the balance in the
          controlling account at the end of the month.

             Schedule of Accounts Payable

      33. List price less ______ ______ equals amount of trade discount.

             Net Price
 34. ________ ________ are not reflected on the accounting books.

        Trade Discounts

 35. RECORDING TRANSACTION FOR:

        Seller                Buyer

    Sales Journal             ______

Cash Receipts Journal         ______

        ______           Accounts Payable Subsidiary Journal

        Sales                 ______

        ______           Purchases Returns and Allowances

        ______          Purchases Discounts

 Accounts Receivable          ______

 Issue a Credit Memo          ______

 Receive a Debit Memo         ______

        ______          Schedule of Accounts Payable


        Purchases Journal
        Cash Payments Journal
        Accounts Receivable Subsidiary Ledger
        Purchases
        Sales Returns and Allowances
        Sales Discounts
        Accounts Payable
        Receive a Credit Memo
        Issue a Debit Memo
        Schedule of Accounts Receivable

				
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