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Accounting Ch 18 Voc

C21 Accounting Ch 18 - Vocabulary

QuestionAnswer
An organization with the legal rights of a person and which may be owned by many persons. Corporation
Each unit of ownership in a corporation Share of stock
The total shares of ownership is a coporation. Capital stock
A journal used to record only one kind of transaction Special journal
A special journal to record only purchases of merchandise on account. Purchases journal
A petty cash on hand amount that is more than a recorded amount Cash over
A reduction in the list price granted to customers Trade discount
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances Debit memorandum
A journal with two amount columns in which all kinds of entries can be recorded General journal
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers accounts payable Purchases return
A deduction from the invoice amount, allowed by a vendor to encourage early payment Cash discount
A business's printed or catalog price List price
A cash discount on purchases taken by a customer Purchases discount
A petty cash on hand amount that is less than a recorded amount Cash short
An account that reduces a related account on a financial statement Contra account
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers accounts payable Purchases allowance
A special journal used to record only cash payment transactions Cash payments journal
Created by: Mrs Holcomb
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