Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Glencoe -Chapter 15

Purchases and Cash Payments

Purchase Requisition written request that a certain item or items be purchased.
Purchase order written offer to a supplier to buy certain items.
Packing slip form that lists the items included in the shipment.
Purchases discount a cash discount offered to charge customers if they pay early.
Discount period the time within which an invoice must be paid in order to receive a discount.
Purchases account temporary account, classified as cost of merchandise.
Accounts Payable Subsidiary Ledger an individual account for each supplier or creditor, and is summarized in the general ledger controlling account.
Purchases returns merchandise returned by the business to the supplier for full credit.
Purchases allowance merchandise kept by business but price reduced by supplier because merchandise was not satisfactory.
Prepaid Insurance the asset account that records the payment of an insurance premium.
premium the advanced payment of an insurance policy.
FOB destination the supplier pays the shipping cost.
FOB shipping point the buyer pays the shipping cost.
bankcard fee an expense to a business for allowing customers to charge on their bankcard.
debit memorandum notifies suppliers of a return or to request and allowance of merchandise purchased.
Accounts Payable the controlling account that must equal the balance of all the subsidiary account payables.
Cost of Merchandise Accounts Accounts that contain the actual cost to the business of the merchandise sold to customers.
Created by: rweynand
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards