Terms for Chapter 9 - Century 21, General Journal 10e
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| Merchandise | Goods that a business purchases in order to sell.
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| Merchandising Business | A business that purchases and resells goods.
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| Wholesale Merchandising Business | A business that buys and resells merchandise primarily to other merchandising businesses.
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| Retail Merchandising Business | A merchandising business that sells to those who use or consume the goods.
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| Corporation | An organization with the legal rights of a person which many persons or other corporations may own.
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| Capital | The assets or other financial resources available to a business.
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| Share of Stock | Each unit of ownership in a corporation.
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| Stockholder | The owner of one or more shares of stock.
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| Capital Stock | The total shares of ownership in a corporation.
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| Articles of Incorporation | A legal document that identifies basic characteristics of a corporation.
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| Charter | The legal right for a business to conduct operations as a corporation.
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| Vendor | A business from which merchandise, supplies, or other assets are purchased.
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| Subsidiary Ledger | A ledger that is summarized in a single general ledger account.
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| Accounts Payable Ledger | The subsidiary ledger containing vendor accounts.
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| Controlling Account | An account in a general ledger that summarizes all accounts in a subsidiary ledger.
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| Inventory | A list of assets, usually containing the value of individual items.
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| Merchandise Inventory | The goods a business has on hand for sale to customers.
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| Perpetual Inventory | An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.
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| Periodic Inventory | A merchandise inventory evaluated at the end of a fiscal period.
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| Physical Inventory | When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
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| Cost of Merchandise | The amount a business pays for goods it purchases to sell.
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| Requisition | A form requesting the purchase of merchandise.
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| Purchase Order | A form requesting that a vendor sell merchandise to a business.
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| Special Journal | A journal used to record only one kind of transaction.
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| Purchase on Account | A transaction in which the items purchased are to be paid for later.
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| Purchases Journal | A special journal used to record only purchases of merchandise on account.
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| Special Amount Column | A journal amount column headed with an account title.
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| Purchase Invoice | An invoice used as a source document for recording a purchase on account transaction.
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| Terms of Sale | An agreement between a buyer and a seller aboutn payment for merchandise.
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| Due Date | The date by which an invoice must be paid.
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| Cash Payments Journal | A special journal used to record only cash payment transactions.
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| List Price | The retail price listed in a catalog or on an Internet site.
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| Trade Discount | A reduction in the list price granted to a merchandising business.
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| Net Price | The price after the trade discount has been deducted from the list price.
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| Cash Discount | A deduction that a vendor allows on an invoice amount to encourage prompt payment.
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| General Amount Column | A journal amount column that is not headed with an account title.
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| Discount Period | The period of time during which a customer may take a cash discount.
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| Purchases Discount | When a company that has purchased merchandise on account takes a cash discount.
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| Contra Account | An account that reduces a related account on a financial statement.
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| Credit Limit | The maximum outstanding balance allowed to a customer by a vendor.
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| Schedule of Accounts Payable | A listing of vendor accounts, account balances, and the total amount due to all vendors.
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