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ch 9 termss

merchandise goods that a business purchases to sell
merchandising business business that purchases and sells goods
retail merchandising business a merchandising business that sells to those who use or consume the good
wholesale merchandising business a business that buys and resells merchandise to retail merchandising business
corporation organization with the legal rights of a person and which many persons may own
share of stock each unit of ownership in a corporation
capital stock total shares of ownership in a crporation
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
mark up amount added to the cost of merchandise to establish the selling price
vendor a business from which merchandise is purchased or supplies or other assets are bought
purchase on account transaction in which the merchandise purchased is to be paid for later
purchases journal 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 transaction
terms of sale an agreement between a 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 vendor aloows on the invoice amount to encourage promt payment
purchases discount a cash discount on purchases taken by a customer
general amount column a journal amount column that is not headed with an account title
list price ther retail price listed in a catalog or 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
purchases return credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable
purchases allowence credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrese in the customers accounts payable
debit memorandum a form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Created by: cheyennne