Jeopardy Chapter 9 – Ms. Lapointe Template Created By C. Lyman © September 2001
Jeopardy 9-1 Journal/Ledger 9-2JournalsCategory
Credits That’s all folks. Exit
Category 1 $100 A merchandising business that sells to those who use or consume the goods
Category 1 $100 What is a retail merchandising business?
Category 1 $200 A business that buys and resells merchandise primarily to other merchandising businesses.
Category 1 $200 What is a wholesale merchandising business?
Category 1 $300 Each unit of ownership in a corporation.
Category 1 $300 What is a share of stock?
Category 1 $400 An organization with legal rights of a person which many persons or other corporations may own.
Category 1 $400 What is a corporation?
Category 1 $500 A legal document that identifies basic characteristics of a corporation.
Category 1 $500 What are articles of incorporation?
Category 2 $100 An account in a general ledger that summarizes all accounts in a subsidiary ledger.
Category 2 $100 What is a controlling account?
Category 2 $200 An account that reduces a related account on a financial statement (purchase discount decreases purchase account).
Category 2 $200 What is a contra account?
Category 2 $300 A journal used to record only one kind of transactions (purchases).
Category 2 $300 What is a special journal?
Category 2 $400 A journal amount column that is not headed with an account title.
Category 2 $400 What is a general account column?
Category 2 $500 A maximum outstanding balance allowed to a customer by a vender. A listing of vendor accounts, account balances, and the total amount due to all vendors
Category 2 $500 What is a credit limit? What is a Schedule of Accounts Payable?
Category 3 $100 A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand (typically at year end) is called a(n).
Category 3 $100 What is physical inventory?
Category 3 $200 To replenish a $350 petty cash fund, if the petty cash supervisor had receipts totaling $274 and cash $74.00 in the petty cash box, one part of the journal entry is a …
Category 3 $200 Debit to Cash Short and Over for 2.00 – cash short is always a debit and cash over is credit?
Category 3 $300 A form requesting that a vendor sell merchandise to a business.
Category 3 $300 What is a purchase order?
Category 3 $400 An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.
Category 3 $400 What is perpetual inventory?
Category 3 $500 A form requesting the purchase of merchandise.
Category 3 $500 What is a requisition?
Category 4 $100 A purchase of merchandise on credit would be entered into the _______________ journal.
Category 4 $100 Purchase Journal?
Category 4 $200 Paid cash to Knight Electric for the electric bill, $650, cheque 345. What journal and how would you journalize it?
Category 4 $200
Category 4 $300 Paid cash on account to Lapointe Supply, $3400, covering P378, less 2% discount, C789? How would you journalize this transaction?
Category 4 $300 Cash Payment Journal Account Payable DB $3400 Cash CR $3332 Purchase Discount CR $68
Category 4 $400 True or False The terms of sale 1/10, n/30 means that 1/10 or 10% of the invoice amount may be deducted if paid within 30 days?
Category 4 $400 False 1/10 means 10% off in 10 days
Category 4 $500 A deduction that a vendor allows on an invoice amount to encourage prompt payment.
Category 4 $500 What is cash discount?
Category 5 $100 How do you prove a journal?
Category 5 $100 Total and double underline?
Category 5 $200 What gets posted on a daily basis in the purchase journal?
Category 5 $200 Individual account payable account to the subsidiary ledger?
Category 5 $300 What do you post at the end of the month on a purchase journal?
Category 5 $300 Purchase DB and Purchases CR
Category 5 $400 What gets posted daily in a cash payment journal?
Category 5 $400 The general journal DR and CR columns and individual account payment amounts (subsidiary ledger).
Category 5 $500 What gets posted monthly in a cash payment journal?
Category 5 $500 Cash, purchase discount, and controlling account payment account