Jeopardy Category 1 Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Category 2 Category 3Category 4 Category 5

$100 Question The retail price listed in a catalog or on an Internet site

$100 Answer from Category 1 List Price

$200 Question from Category 1 A transaction in which the merchandise purchased is to be paid for later

$200 Answer from Category 1 Purchase On Account

$300 Question from Category 1 The price a business pays for goods it purchases to sell

$300 Answer from Category 1 Cost of Merchandise

$400 Question from Category 1 An agreement between a buyer and a seller about payment for merchandise

$400 Answer from Category1 Terms of Sale

$500 Question from Category 1 An account that reduces a related account on a financial statement

$500 Answer from Category 1 Contra Account

$100 Question from Category 2 Goods that a business purchases to sell

$100 Answer from Category 2 Merchandise

$200 Question from Category 2 An organization with the legal rights of a person and which many persons may own

$200 Answer from Category 2 Corporation

$300 Question from Category 2 A business that purchases and sells goods

$300 Answer from Category 2 Merchandising Business

$400 Question from Category 2 Transactions that cannot be recorded in a special journal should be recorded in the _____________.

$400 Answer from Category 2 General Journal

$500 Question from Category 2 A deduction that a vendor allows on the invoice amount to encourage prompt payment

$500 Answer from Category 2 Cash Discount

$100 Question from Category 3 A petty cash on hand amount that is less than a recorded amount

$100 Answer from Category 3 Cash Short

$200 Question from Category 3 The amount added to the cost of merchandise to establish the selling price

$200 Answer from Category 3 Markup

$300 Question from Category 3 A journal amount column that is not headed with an account title

$300 Answer from Category 3 General Amount Column

$400 Question from Category 3 A reduction in the list price granted to customers

$400 Answer from Category 3 Trade Discount

$500 Question from Category 3 Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payable

$500 Answer from Category 3 Purchases Return

$100 Question from Category 4 A cash discount on purchases taken by a customer

$100 Answer from Category 4 Purchases Discount

$200 Question from Category 4 A special journal used to record only purchases of merchandise on account

$200 Answer from Category 4 Purchases Journal

$300 Question from Category 4 A business from which merchandise is purchased or supplies or other assets are bought

$300 Answer from Category 4 Vendor

$400 Question from Category 4 A form prepared by the customer showing the price deduction taken by the customer for returns and allowances

$400 Answer from Category 4 Debit Memorandum

$500 Question from Category 4 An invoice used as a source document for recording a purchase on account transaction

$500 Answer from Category 4 Purchase Invoice

$100 Question from Category 5 A petty cash on hand amount that is more than recorded amount

$100 Answer from Category 5 Cash Over

$200 Question from Category 5 A special journal used to record only cash payment transaction

$200 Answer from Category 5 Cash Payments Journal

$300 Question from Category 5 A journal amount column headed with an account title

$300 Answer from Category 5 Special Amount Column

$400 Question from Category 5 A journal used to record only one kind of transaction

$400 Answer from Category 5 Special Journal

$500 Question from Category 5 If you have cash short do you have a general debit or general credit

$500 Answer from Category 5 General Debit