Partnership

The main difference between a service business and a merchandising business is?

When a business keeps its accounting records on the assumption that it will make money and continue in business indefinitely, it is applying this accounting concept.

A cash payments journal includes how many special amount columns and what are they?

Keeping the reports and financial records of a business separate from the personal records of the partners is an application of the accounting concept

When merchandise is withdrawn by a partner, the transaction will increase the balance of the ____ account and decrease the balance of the ___ account

The purchases account is classified as a ? account

Assets taken out of a business for the personal use of an owner are usually

The source document for a cash purchase is a

Supplies bought for use in a business are recorded in the

The source document for recording a purchase on account transaction is a

The entry to journalize a purchase of merchandise on account is

Accounts related to the cost of merchandise are kept in a ? division in the general ledger chart of accounts.

Buying supplies on account increases the ? account balance and increases the ? ? account balance.

The selling price of merchandise must be ____ than the cost of merchandise for a business to make a profit.

The cost account purchases in a ? account.

A cash purchase transaction ? the balance of the cash account.

Which of these accounts has a normal credit balance?

The entry to journalize a payment to replenish a petty cash fund is debit