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Chapter 9 Vocab

Accounting Vocabulary

Merchandise Goods that a merchandising business purchases to sell
Merchandising Businesss A business that purchases and sells goods
Retail Merchandising Business A merchandising business that sells to those who use or consume the goods
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 may be owned by many persons
Share of Stock Each unit of ownership in a corporation
Captial 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 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
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
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 from the incoice amount, allowed by a vendor to encourage early 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 reduciton 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 record amount
Cash Over A petty cash on hand amount that is more than a recorded amount
Purchases Return Credit allowed for the purcahse 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
Created by: clintatwood
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