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Objective 2 Matching: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Accounts Payable Subsidiary Ledger Accounts Receivable Subsidiary Ledger Cash Refund Controlling Account Credit memorandum (credit memo) Credit period Credit terms Customer allowance Customer discounts Customer refunds payable Debit memorandum (debit memo) Estimated returns inventory FOB (free on board) Destination FOB (free on board) Shipping Point General Ledger Inventory Subsidiary Ledger Invoice Net Method Periodic Inventory System Perpetual Inventory System Physical Inventory Purchases Discounts Purchases Returns and Allowances Sales Discounts Subsidiary Ledger Trade Discounts Special Journals 15. 16. 17. 18. 19. 20. 21. 22. 23 24. 25. 26. 27. 28. A. A current asset that is reported on the balance sheet after inventory B. A detailed listing of merchandise on hand. C. A form used by a buyer to inform the seller of the amount the buyer proposes to debit to the account payable due the seller. D. A form used by a seller to inform the buyer of the amount the seller proposes to credit to the account receivable due from the buyer. E. A large number of individual accounts with a common characteristic can be grouped together in a separate ledger F. A liability account for estimated refunds and allowances that will be paid or granted customers in the future. G. A method of recording a sales invoice at the amount net of any discounts for early payment. H. A variety of discounts offered by the seller as incentive for the customer to act in a way benefiting the seller. 1. An amount paid by the seller to the buyer for merchandise that is defective, is damaged during shipment, or does not meet the buyer's expectations. J. Companies that sell merchandise to other businesses rather than to the public. K. Discounts from the list prices in published catalogs or special discounts offered to certain classes of buyers. L. Discounts taken by the buyer for early payment of an invoice. M. Each subsidiary ledger is represented in the general ledger by a summarizing account N. Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination. O. Freight terms in which the seller pays the transportation costs from the shipping point to the final destination. P. From the buyer's perspective, returned merchandise or an adjustment for defective merchandise. Q. From the seller's perspective, discounts that a seller may offer the buyer for early payment. R. Lists individual creditor accounts in alphabetical order. S. Lists individual inventory by item (bar code) number. T. Lists the individual customer accounts in alphabetical order. U. Most retail companies also use computerized accounting systems that record similar transactions in separate journals, which generate purchase, sales, and inventory reports V. Returns to the seller by the customer or reductions from the initial selling price due to defective or damaged merchandise or goods that did not meet the customer's expectations. W. Terms for payment on account by the buyer to the seller. X. The amount of time the buyer is allowed in which to pay the seller. Y. The bill that the seller sends to the buyer. Z. The inventory system in which each purchase and sale of merchandise is recorded in an inventory account. AA. The inventory system in which the inventory records do not show the amount available for sale or sold during the period. AB. The primary ledger, which contains all of the balance sheet and income statement accounts

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