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Chapter 15

TermDefinition
Accounts Payable Subsidiary Ledger A separate ledger that contains accounts for all creditors; it is summarized in the Accounts Payable controlling account in the general ledger.
Bankcard Fee A fee charged for handling bankcard sales slip; usually based on the total amounts recorded on the sales slip processed.
Cost of Merchandise The actual cost to the business of the merchandise sold to customers.
Debit Memorandum The form a business uses to notify its suppliers (creditors) of a return or to request an allowance.
Discount Period The period of time within which an invoice must be paid if a discount is to be taken.
Due Date The date by which an invoice must be paid.
FOB Destination Shipping term specifying that the supplier pays the shipping cost to the buyer's destination.
FOB Shipping Point Shipping term specifying that the buyer pays the shipping charge from the supplier's shipping point.
Packing Slip A form that lists the items included in the shipment.
Premium The amount paid for insurance.
Processing Stamp A stamp placed on a creditor's invoice that outlines the steps to be followed in processing the invoice for payment.
Purchase Order A written offer to a supplier to buy specified item or items to be ordered.
Purchase Requisition A written request that a specified item or items be ordered.
Purchases Account The account used to record the cost of merchandise purchased during a period.
Purchases Allowance A price reduction given when a business keeps unsatisfactory merchandise it has bought.
Purchases Discount The buyer's cash discount for early payment of an invoice on account.
Purchases Return The return of merchandise bought on account to the supplier for full credit.
Tickler File A file that contains a folder for each day of the month into which invoices are placed according to their due dates.
Created by: jbowers21
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