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Accounting 1 Chapter 9

capital stock total shares of ownership in a corporation
cash discount a deduction that a vendor allows on the invoice amount to encourage prompt payment
cash over a petty cash on hand amount that is more than a recorded amount
cash payments journal a special journal used to record only cash payment transactions
cash short a petty cash on hand amount that is less that a recorded amount
contra account an account that reduces a related account on a financial statement
corporation an organization with the legal rights of a person and which many persons may own
cost of merchandise the price a business pays for goods it purchases to sell
debit memorandum a form prepared by the customer showing the price reduction taken by the customer for returns and allowances
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
markup the amount added to the cost of merchandise to establish the selling price
merchandise goods that a business purchases to sell
merchandising business a business that purchases and sells goods
purchase invoice an invoice used as a source document for recording a purchase on account transaction
purchase on account a transaction in which the merchandise purchased is to be paid for later
purchase 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
retail merchandising business a merchandising business that sells to those who use or consume the goods
share of stock each unit of ownership in a corporation
special amount column a journal amount column headed with an account title
special journal a journal used to record only one kind of transaction
stockholder an owner of one or more shares of a corporation
terms of sale an agreement between a buyer and a seller about payment for merchandise
trade discount a reduction in the list price granted to customers
vendor a business from which merchandise is purchased or supplies or other assets are bought
wholesale merchandising business a business that buys and resells merchandise to retail merchandising businesses
Created by: mrs226