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Glencoe -Chapter 15

Purchases and Cash Payments

QuestionAnswer
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