Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Accounting I - 3.01

Merchandise Sales, Purchasing and Cash Payment Terms

Merchandise The products or goods a business sells
Merchandising business A business that purchases and resells goods
Vendor The person or business from which goods or services are purchased
Cost of merchandise The price paid by a business for goods it purchases to resell
Purchase on account A transaction in which the purchased merchandise is to be paid for at a later time
Purchase invoice A source document used to record a purchase on account
Special Journal A journal used for only on type of transaction
Purchases journal A special journal that records only purchases on account
General amount column a journal amount column not headed with an account title
Special amount column A journal amount column headed with an account title and used for a specific account
Contra Account An account that reduces a related account on a financial statement
Trade discount A reduction in the list price
Purchases return A credit given to the business to refund the purchase price of returned merchandise
Cash discount A deduction that a vendor allows on the invoice amount to encourage prompt payment
Cash payments journal A special journal used to record all payment of cash
Created by: mercerp53