1. Welcome to... A Game of X’s and O’s

2. Rules Groups of two are asked and can answer as a pair NO NOTESNO NOTES Go around the room in order 3 in a row wins the game If no team gets three in a row, whichever team gets 5 marks wins the game Best of 3 series Each win is worth a bonus point

3. 789 456 123

4. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

5. 1 What is the normal balance of the purchases account?

6. 1 DEBIT Home

7. 2 What does the following mean: 2/10 n/30?

8. 2 TWO % DISCOUNT IF PAID IN 10 DAYS, NET IN 30

9. 3 What is the normal balance of the purchases discount account?

10. 3 CREDIT

11. 4 An organization with the legal rights of a person and which may be owned by many people

12. 4 CORPORATION

13. 5 Each unit of ownership in a corporation is called ___

14. 5 SHARE OF STOCK

15. 6 Which types of transactions go in the purchases journal?

16. 6 PURCHASE OF MERCHANDISE ON ACCOUNT

17. 7 What is the normal balance of the purchases returns and allowances account?

18. 7 CREDIT

19. 8 What is the purchases returns an allowances a contra account to?

20. 8 PURCHASES

21. 9 What is the normal balance of the cash short and over account?

22. 9 NONE

25. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

26. 1 What source document is used for a cash purchase?

27. 1 CHECK Home

28. 2 A business that sells directly to the consumer.

29. 2 MERCHANDISING BUSINESS

30. 3 What is the normal balance of any contra account?

31. 3 OPPOSITE THE NORMAL BALANCE OF RELATED ACCT

32. 4 The source document for a purchase on account.

33. 4 PURCHASE INVOICE

34. 5 If there is a cash over situation of $3.00, what must you do to the cash short and over account?

35. 5 CREDIT OF $3.00

36. 6 The source document for returning merchandise.

37. 6 DEBIT MEMORANDUM

38. 7 What is a credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payable?

39. 7 PURCHASE RETURN

40. 8 The source document for purchasing office supplies on account.

41. 8 MEMORANDUM

42. 9 Merchandise for $100 was purchased on account on March 1 st with terms of sale 2/10, n/30. If we pay for this merchandise on March 15 th, how much do we owe?

43. 9 $100

46. 789 456 123 Scoreboard X O Click Here if X Wins Click Here if O Wins

47. 1 Paid cash for telephone bill, $28 C90

48. 1 $28 DEBIT UTILITIES EXPENSE $28 CREDIT CASH Home

49. 2 Paid cash on account to Goods Inc., $80, covering P21, no discount C91

50. 2 $80 DEBIT ACCTS PAY/ GOOD INC $80 CREDIT CASH

51. 3 Purchased merchandise from Rex Inc. with cash and a list price of $100 less 50% trade discount C93

52. 3 $50 DEBIT PURCHASES $50 CREDIT CASH

53. 4 Bought office supplies on account from Colgate Inc. $48 M12

54. 4 $48 DEBIT SUPPLIES – OFFICE $48 CREDIT ACCTS PAY/COLGATE

55. 5 Paid cash on account to Wonka Inc., $200, covering P18 for $220 less DM8, $20, no discount C98

56. 5 $200 DEBIT ACCTS PAY/ WONKA INC. $200 CREDIT CASH

57. 6 Returned merchandise to Wonka Inc. $20, from P44. DM8

58. 6 $20 DEBIT ACCTS PAY/WONKA INC. $20 CREDIT PURCHASE RET. & ALL.

59. 7 Purchased merchandise on account from Smith LLC, $150 P11

60. 7 $150 DEBIT PURCHASES $150 CREDIT ACCTS PAY/SMITH LLC

61. 8 Paid cash on account to Rock Inc., $98 covering P25 for $100 less 2% discount, $2 C98

62. 8 $100 DEBIT ACCTS PAY/ROCK INC $2 CREDIT PURCHASES DISC $98 CREDIT CASH

63. 9 Paid cash for office supplies, $10 C89

64. 9 $10 DEBIT SUPPLIES – OFFICE $10 CREDIT CASH