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AccountingChapter11

Accounting Chapter 11 Vocab

TermDefinition
General Journal A journal with two account columns in which all kinds of entries can be recorded.
Purchases Return Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers account payable to the vendor.
Purchases Allowance 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.
Debit Memorandum A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.
Sales Return Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.
Sales Allowance Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts in the accounts receivable of the merchandising business.
Credit Memorandum A form prepared by the vendor showing the amount deducted for returns and allowances.
Retained Earnings An amount earned by a corporation and not yet distributed to stockholders.
Dividends Earnings distributed to stockholders.
Board of Directors A group of persons elected by the stockholders to govern a corporation.
Declaring a Dividend Action by a board of directors to distribute corporate earnings to stockholders.
Created by: RightLane