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Chapter 9
| Term | Definition |
|---|---|
| merchandise | goods a business purchases only to sell |
| merchandising business | business that purchases and sells goods |
| retail merchandising business | merchandising business that sells to those who consume the goods |
| wholesale merchandising business | business that buys and resells to a retail merchandising business |
| corporation | organization with 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 corporation |
| stockholder | owner of 1 or more shares of a corporation |
| special journal | records only 1 kind of transaction |
| cost of merchandise | price a business pays for goods it purchases to sell |
| markup | amount added to cost of merchandise to establish the selling price |
| vendor | business from which merchandise is purchased or supplies or other assets are bought |
| purchase on account | transaction; merchandised purchased is to be paid for later |
| purchases journal | special journal; records only purchases of merchandise on account |
| special account column | journal amount column headed with an account title |
| purchase invoice | invoice used as a source document for recording a purchase on account transaction |
| terms of sale | agreement between buyer and seller about a payment for merchandise |
| cash payments journal | special journal; records only cash payment transactions |
| cash discount | deduction a vendor allows on the invoice amount to encourage prompt payment |
| purchases discount | cash discounts on purchases taken by a customer |
| general amount column | journal amount column not headed with account title |
| list price | retail price listed in advertisement (catalog or Internet site) |
| trade discount | reduction in the list price granted to customers |
| contra account | account that reduces a related account on a financial statement |
| cash short | petty cash on hand amount is less than a recorded amount |
| cash over | petty cash on hand amount is more than a recorded amount |
| purchases return | credit for price of returned merchandise; decrease in customer's account payable |
| purchases allowance | credit for part of price of returned merchandise; decrease in customer's account payable |
| debit memorandum | form prepared by customer showing price deduction taken by customer for returns and allowances |
Created by:
Tate.cord70
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