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Ch 9 term

merchandise goods that a business purchases to sell
merchandising business a business that purchases and sells good
retail mechandising business a merchandising business that sells to those who use or consume the goods
wholesale marchandising business a business that buys and resells merchandise to retail merchandising businesses
capital stock total shares of ownership in a corporations
corporation an organization with the legal rights of a person and which many persons may own
share of stock each unit of ownership in a corporation
stockholder an owner of one or more shares of a corporation
special journal a journal used to record only one kind of transaction
cost of merchandise the price a business pays for goods it purchases to sell
markup the amount added to the cost of merchandise to establish the selling price
vender a business from which merchandise is purchased or supplies or other assets are bought
purchase on account a trasaction in which the merchandise purchased is to be paid for later
purchases journal a special journal used to record only purchases of merchandise on account
special amount column a journal amount column headed with an account title
purchase invoice an invoice used as a source document for recording a purchase on account trasaction
terms of sale an agreement between buyer and a seller about payment for merchandise
cash payments journal a special journal used to record only cash payment transactions
cash discount a deduction that a vender allows on the invoice amount to encourage prompt payment
purchases discount a cash discount on purchases taken by a customer
list price the retail price listed in a catalog or on an internet site
trade discount a reduction in the list price granted to customers
contra account an account that reduces a related account on a financial statement
cash short a petty cash on hand amount that is less than a recorded amount
cash over a petty cash on hand amount that is more than a recorded amount
general amount column a journal amount column that is not headed with an account title
purchases on return credit allowed for the purchase price of returned merchandise, resulting in decrease in the customer's accounts payable
purchases allowance credit, allowed for part of the purchase price merchandise that is returned, resulting in a decrease in the customer's accounts payable
debit memorandum a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Created by: crystal1bf