22-23 Unit 4 Vocabulary - Accounting 2

when the petty cash report balance is lower than the cash on hand

When companies buy on credit, they increase their a_______ p______

(a)  

money owed to a company’s vendors

Harry’s Sneaker Emporium kept the shipment of sneakers that were the wrong color, but the vendor gave them an a (a)   and they ended up paying a lot less for them.

when a customer agrees to keep defective or damaged merchandise but pays a lesser amount

Alan’s cash count was higher than the petty cash report balance, so he was c___ o___

(a)  

a journal used to record cash receipts

The accounts payable department wrote checks today and recorded the payments in a c___ p_______ j______

(a)  

a journal used to record cash payments made by a company

The accounts receivable department received 20 checks today and recorded the cash receipts into the c___ r_______ j______

(a)