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Chapter 9

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