Multiple Choice
Select the one term that best fits each definition
-A form prepared by the vendor showing the amount deducted for returns and allowances.
A) board of directors
B) credit memorandum
C) debit memorandum
D) declaring a dividend
E) dividends
F) general journal
G) purchases allowance
H) purchases return
I) retained earnings
J) sales allowance
K) sales return
Correct Answer:

Verified
Correct Answer:
Verified
Q1: Dividends is a temporary account of a
Q3: A corporation can decide if and when
Q4: A completed general journal page should always
Q5: At the end of the fiscal period,
Q6: Entries in the general journal only affect
Q7: Which of the following stockholders' equity accounts
Q8: The normal account balance of Purchases Returns
Q9: A sales return that credits the customer's
Q10: Select the one term that best fits
Q11: Net income increases a corporation's total stockholders'