Question

definition
term

1. a journal with two amount columns in which all kinds of entries can be recorded. (p. 320)
2. credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers account payable to the vendor. (p. 322)
3. credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers account payable to the vendor. (p. 322)
4. a form prepared by the customer showing the price deduction taken by the customer for a return or an allowance. (p. 322)
5. credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business. (p. 327)
6. credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business. (p. 327)
7. a form prepared by the vendor showing the amount deducted for returns and allowances. (p. 327)
8. an amount earned by a corporation and not yet distributed to stockholders. (p. 332)
9. earnings distributed to stockholders. (p. 332)
10. a group of persons elected by the stockholders to govern a corporation. (p. 333)
11. action by a board of directors to distribute corporate earnings to stockholders. (p. 333)

options:
board of directors
credit memorandum
debit memorandum
declaring a dividend
dividends
general journal
purchases allowance
purchases return
retained earnings
sales allowance
sales return

Explanation:

Matches each accounting definition to the corresponding term from the provided list based on standard accounting terminology.

Answer:

1. general journal
2. purchases return
3. purchases allowance
4. debit memorandum
5. sales return
6. sales allowance
7. credit memorandum
8. retained earnings
9. dividends
10. board of directors
11. declaring a dividend