General Journal

Loss account

Fire account

Loss of goods by fire account

None of the above

Cash

Profit

Income

Capital

Sales account

Purchases account

Loss by theft account

No entry

Purchases > Debit; Cash > Credit

Purchases > Debit; Accounts Payable > Credit

Purchases > Debit; Liability > Credit

Accounts Payable > Debit; Purchases > Credit

It is different from cash discount

It is a reduction in list (or retail) price

It is not recorded in the books

All of the above

Find the accounts involved in transaction

Ascertain the increase or decrease in accounts

Apply the rules of debit and credit

All of the above

Cash discount

Rebate

Discount

Trade discount

Cash > Debit; Purchases > Credit

John > Debit; Merchandise > Credit

A/C P.A – John > Debit; Purchases Return and Allowances > Credit

None of the above

Book of original entry

Business book

Record book

Financial book

Details

Entry

Narration

Additional data