2. Jeopardy Chapter 9 – Ms. Lapointe Template Created By C. Lyman © September 2001

3. Jeopardy 9-1 Journal/Ledger 9-2JournalsCategory5 100 200 300 400 500

4. Credits  That’s all folks. Exit

5. Category 1 $100  A merchandising business that sells to those who use or consume the goods

6. Category 1 $100  What is a retail merchandising business?

7. Category 1 $200  A business that buys and resells merchandise primarily to other merchandising businesses.

8. Category 1 $200  What is a wholesale merchandising business?

9. Category 1 $300  Each unit of ownership in a corporation.

10. Category 1 $300  What is a share of stock?

11. Category 1 $400  An organization with legal rights of a person which many persons or other corporations may own.

12. Category 1 $400  What is a corporation?

13. Category 1 $500  A legal document that identifies basic characteristics of a corporation.

14. Category 1 $500  What are articles of incorporation?

15. Category 2 $100  An account in a general ledger that summarizes all accounts in a subsidiary ledger.

16. Category 2 $100  What is a controlling account?

17. Category 2 $200  An account that reduces a related account on a financial statement (purchase discount decreases purchase account).

18. Category 2 $200  What is a contra account?

19. Category 2 $300  A journal used to record only one kind of transactions (purchases).

20. Category 2 $300  What is a special journal?

21. Category 2 $400  A journal amount column that is not headed with an account title.

22. Category 2 $400  What is a general account column?

23. 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

24. Category 2 $500  What is a credit limit?  What is a Schedule of Accounts Payable?

25. 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).

26. Category 3 $100  What is physical inventory?

27. 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 …

28. Category 3 $200  Debit to Cash Short and Over for 2.00 – cash short is always a debit and cash over is credit?

29. Category 3 $300  A form requesting that a vendor sell merchandise to a business.

30. Category 3 $300  What is a purchase order?

31. Category 3 $400  An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.

32. Category 3 $400  What is perpetual inventory?

33. Category 3 $500  A form requesting the purchase of merchandise.

34. Category 3 $500  What is a requisition?

35. Category 4 $100  A purchase of merchandise on credit would be entered into the _______________ journal.

36. Category 4 $100  Purchase Journal?

37. Category 4 $200  Paid cash to Knight Electric for the electric bill, $650, cheque 345.  What journal and how would you journalize it?

38. Category 4 $200

39. Category 4 $300  Paid cash on account to Lapointe Supply, $3400, covering P378, less 2% discount, C789?  How would you journalize this transaction?

40. Category 4 $300  Cash Payment Journal  Account Payable DB $3400  Cash CR $3332  Purchase Discount CR $68

41. 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?

42. Category 4 $400  False  1/10 means 10% off in 10 days

43. Category 4 $500  A deduction that a vendor allows on an invoice amount to encourage prompt payment.

44. Category 4 $500  What is cash discount?

45. Category 5 $100  How do you prove a journal?

46. Category 5 $100  Total and double underline?

47. Category 5 $200  What gets posted on a daily basis in the purchase journal?

48. Category 5 $200  Individual account payable account to the subsidiary ledger?

49. Category 5 $300  What do you post at the end of the month on a purchase journal?

50. Category 5 $300  Purchase DB and Purchases CR

51. Category 5 $400  What gets posted daily in a cash payment journal?

52. Category 5 $400  The general journal DR and CR columns and individual account payment amounts (subsidiary ledger).

53. Category 5 $500  What gets posted monthly in a cash payment journal?

54. Category 5 $500  Cash, purchase discount, and controlling account payment account