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Accounting Ch.9
| Term | Definition |
|---|---|
| Merchandise | Goods that a business purchases to sell |
| Merchandising Business | A business that purchases and sells goods |
| Retail Merchandising Business | A merchandising business that sells to those who use or consume |
| Wholesale Merchandising Business | A business that buys and resells merchandise to retail merchandising business |
| 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 |
| Capital stock | total shares 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 mechandise | 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 |
| Vendor | A business from which merchandise is purchased or supplies or other assets are bought |
| Purchase on Account | A transaction 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 |
| Purchases 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 allows on the invoice amount to encourage prompt 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 | 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 |
| Purchases Return | Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable |
| Purchases Allowance | Credit allowed for part of the purchase price of merchandise that is not 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 |
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