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Chapter9AccountingMM

Mikulich's Stack

QuestionAnswer
Goods that a business purchases to sell. Merchandise
A busienss that purchases sand sels goods. merchandisisng business
a merchandisisng business taht sells to those who use or consume th e goods retail merchandisisng business
a business tha buys and resells merchanidese to retail merchandising business. wholesalemerchandisnignbuisiness
an organiszation with ethe legal rights of apersonand which many persons may own corporation
each unit ow woenership in a corporation share of stock
total shares of wwnership in a corporation capital stock
an owner of one or more shares of a corporation stockholder
a journal used to record only one kind of transaction special journal
the price a business pays for goods it purchases to sell cost of merchandise
the amount added to the cost of merchandise to establish teh selling price markup
a buseiness frome whick merchandise is purchased or supplies or other assets are bought vendor
a transaction in which the merchandise purchased is to be paid for later purchase on account
a special journal used to record only purchases of merchandise on a ccount purchases journal
a journal amount column headed with an account title special amount column
an invoice used a sa source document for recording a purchase on account transaction purchase invoice
an agreement between a buyer and a seller about payment for merchandise terms of asale
a special journal used to record only chase payment transactions cash payments journal
a deduction tha ta vendor allows on tkhe invoice amount to encourage prompt payment case discount
a case discount on purchases taken bya customer purchases discount
a journal amount column that is not headed witha n a ccount title general amount cloumn
the retail price listed in a catalog or on and internet site list price
a redu tion in the list price granted ot customers trade siscount
an account that reduces a related account on a financial staedment contraaccount
a petty cash on hand acmount that is less than a recorded amount cashe shourt
a petty cash on hand amount that is more than arecorded amount casho over
credit allowed for the purchases price of returned merchandise, resulting in a decreasein the customers accounts payable purchases rteurn
credit allowed for part of the purchase price of mercanddise that is not returend, rssuleitn in a decrease in the customers accounts payable purchasses allowance
a form prepared by the customer s howing the puric e duduction taken byt he sustomer for retuens and allowandces debit memerandum
Created by: Mike M.