Servicing and Merchandising | Baamboozle - Baamboozle

Accounts with open balances may either have a debit or credit balance.

TRIAL BALANCE OF BALANCES

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A recorded showing the details of a general ledger account.

SUBSIDIARY LEDGER

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The amount that can be received from the sale of the asset after its estimated life.

SCRAP VALUE OR SALVAGE VALUE

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It is the statement showing the open accounts in the ledger. It proves the equity of the debit and credit totals after posting to the ledger.

TRIAL BALANCE

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A deductions from the list price to encourage buyers to buy more.

TRADE DISCOUNTS

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Refers to the preparation of closing entries at the end of the accounting period to bring the income and expense accounts to zero balance.

CLOSING THE BOOKS

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When an income income account is credited at the time the money is received.

INCOME METHOD

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boom

Lose 50 points!

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gift

Win 20 points!

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gift

Win 25 points!

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lifesaver

Give 10 points!

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Refers to the preparation of trial balance after closing the income and expense accounts. The post closing trial balance shows only the assets, liabilities, and owner’s equity.

PREPARING A POST CLOSING TRIAL BALANCE

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A document which evidences payment. It contains information about the transaction, the payee, and the approving official.

CASH VOUCHER

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Issued when payment is made from the cash deposited in the bank.

CHECK

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thief

Give points!

shark

Other team loses 25 points!

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rocket

Go to first place!

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banana

Go to last place!

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A business paper issued by the seller to the buyer when the buyer returns the thing bought or asks for an allowances for the defect on the thing.

CREDIT MEMORUNDUM

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A document which evidences receipt of cash.

OFFICIAL RECEIPT

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banana

Go to last place!

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shark

Other team loses 20 points!

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rocket

Go to first place!

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lifesaver

Give 10 points!

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The process of transferring the information from the journal to the ledger.

POSTING

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