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Accounting I - 3.01

Merchandise Sales, Purchasing and Cash Payment Terms

QuestionAnswer
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