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Accounting 9-1

Accounting chapter 9

QuestionAnswer
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 the goods
Wholesale merchandising business A business that buys and resells merchandise to retail merchandising businesses
Corporation A separate legal entity, usually owned by many people
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 merchandise The price a business pays for goods it purchases to sell
Mark up 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 account normal balance side is what? Debit
Purchases account increases with a what? debit
Purchases account is a nominal or what kind of account? temporary
Terms of sale An agreement between buyer and seller about payment for merchandise
1/10, n/30 means what on an invoice? If the buyer pays within 10 days of the invoice date, they will save 1%. If not, the total invoice is due in 30 days
Purchases The account used for recording the cost of merchandise
Created by: lbeddow