90.2K

Verified Solution

Link Copied!

1-4 Filling the blanks Instruction: On the space provided, indicate the appropriate account title for the following: 1. an account title to describe money either paper or in coins and money substitutes like checks, postal money orders, bank drafts, etc. 2 an account title for financial obligation of an enterprise that constitutes oral or verbal promise to pay. 3 are defined as short-term, highly liquid instruments that are readily convertible to cash and they present insignificant risk of changes in value because of changes in interest rates. 4. includes computers, typewriters, adding machines and the like that are used in the store. 5. includes chairs, tables, counters, display cases and the like that are used in the store. 6. account title for the income received from rendering of professional or non-professional service to clients or customers. 7. an account title for cost of commodities or goods that are acquired by the business under periodic inventory system. 8. account title for the income received from selling of goods or commodities to customers. 9. an account title for the transportation expense incurred in buying goods or commodities. 10. an account title for the transportation expense incurred in selling the merchandise. 11. is a reduction from sales account due to early collection of a customer's account or within the discount period. 12. refers to the merchandise returned by a customer for not conforming with the specific order. 13. refers to merchandise returned to a supplier due to not conforming with order. 14. the anticipated loss that the business may incur arising from worthless account

Answer & Explanation Solved by verified expert

See Answer