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Argylls Acc Ch. 9

QuestionAnswer
Goods that a business purchases to sell Merchandise
A business that purchases and sells goods Merchandising Business
A business that buys and resells merchandise to retail merchandising businesses Wholesale merchandising business
An organization with the legal rights of a person and could have many owners Corporation
Each unit of ownership in a corporation Share of stock
An owner of shares in a corporation Stockholder
A journal used to record only one type of transaction Special journal
Journal used for all purchases of merchandise on account Purchases journal
Journal used when you pay cash Cash Payments journal
Journal used for all sales of merchandise on account Sales journal
Journal used when you receive cash Cash receipts journal
Non-special journal General journal
The price a business pays for goods it purchases to sell Cost of merchandise
The amount added to the cost of merchandise to establish the selling price Markup
A business from which merchandise is purchased Vendor
The normal balance side of the Purchases account Debit
A journal column headed with an account title Special amount column
Source used when you have a purchase on account Purchase invoice
A deduction a vendor allows on the invoice amount to encourage prompt payment Cash discount
A cash discount on purchases by the customer Purchases discount
A journal column that is not headed by an account title General column
A retail price listed in a catalog or Internet List price
A reduction in the list price Trade discount
The "n" of 2/10, n/30 stands for this Net
An account that reduces a related account on a financial statement Contra account
A contra account of purchases Purchases Discount
A petty cash on hand amount that is less than a recorded amount Cash short
A petty cash on hand amount that is more than a recorded amount Cash over
Trying to get your debit and credit totals of a journal to equal Proving the journal
Credit allowed for the purchase price of returned merchandise Purchases return
A form prepared by the customer showing the price reduction taken by a customer for returns and allowances Debit memorandum
Created by: mgargylls