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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
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$100 Question The retail price listed in a catalog or on an Internet site
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$100 Answer from Category 1 List Price
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$200 Question from Category 1 A transaction in which the merchandise purchased is to be paid for later
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$200 Answer from Category 1 Purchase On Account
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$300 Question from Category 1 The price a business pays for goods it purchases to sell
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$300 Answer from Category 1 Cost of Merchandise
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$400 Question from Category 1 An agreement between a buyer and a seller about payment for merchandise
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$400 Answer from Category1 Terms of Sale
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$500 Question from Category 1 An account that reduces a related account on a financial statement
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$500 Answer from Category 1 Contra Account
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$100 Question from Category 2 Goods that a business purchases to sell
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$100 Answer from Category 2 Merchandise
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$200 Question from Category 2 An organization with the legal rights of a person and which many persons may own
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$200 Answer from Category 2 Corporation
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$300 Question from Category 2 A business that purchases and sells goods
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$300 Answer from Category 2 Merchandising Business
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$400 Question from Category 2 Transactions that cannot be recorded in a special journal should be recorded in the _____________.
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$400 Answer from Category 2 General Journal
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$500 Question from Category 2 A deduction that a vendor allows on the invoice amount to encourage prompt payment
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$500 Answer from Category 2 Cash Discount
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$100 Question from Category 3 A petty cash on hand amount that is less than a recorded amount
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$100 Answer from Category 3 Cash Short
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$200 Question from Category 3 The amount added to the cost of merchandise to establish the selling price
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$200 Answer from Category 3 Markup
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$300 Question from Category 3 A journal amount column that is not headed with an account title
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$300 Answer from Category 3 General Amount Column
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$400 Question from Category 3 A reduction in the list price granted to customers
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$400 Answer from Category 3 Trade Discount
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$500 Question from Category 3 Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payable
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$500 Answer from Category 3 Purchases Return
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$100 Question from Category 4 A cash discount on purchases taken by a customer
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$100 Answer from Category 4 Purchases Discount
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$200 Question from Category 4 A special journal used to record only purchases of merchandise on account
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$200 Answer from Category 4 Purchases Journal
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$300 Question from Category 4 A business from which merchandise is purchased or supplies or other assets are bought
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$300 Answer from Category 4 Vendor
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$400 Question from Category 4 A form prepared by the customer showing the price deduction taken by the customer for returns and allowances
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$400 Answer from Category 4 Debit Memorandum
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$500 Question from Category 4 An invoice used as a source document for recording a purchase on account transaction
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$500 Answer from Category 4 Purchase Invoice
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$100 Question from Category 5 A petty cash on hand amount that is more than recorded amount
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$100 Answer from Category 5 Cash Over
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$200 Question from Category 5 A special journal used to record only cash payment transaction
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$200 Answer from Category 5 Cash Payments Journal
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$300 Question from Category 5 A journal amount column headed with an account title
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$300 Answer from Category 5 Special Amount Column
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$400 Question from Category 5 A journal used to record only one kind of transaction
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$400 Answer from Category 5 Special Journal
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$500 Question from Category 5 If you have cash short do you have a general debit or general credit
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$500 Answer from Category 5 General Debit
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