Terms for Chapter 9 - Century 21, General Journal 10e
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Merchandise | show 🗑
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| Merchandising Business | show 🗑
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| show | A business that buys and resells merchandise primarily to other merchandising businesses.
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| show | A merchandising business that sells to those who use or consume the goods.
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| Corporation | show 🗑
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| Capital | show 🗑
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| show | Each unit of ownership in a corporation.
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| show | The owner of one or more shares of stock.
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| Capital Stock | show 🗑
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| Articles of Incorporation | show 🗑
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| show | The legal right for a business to conduct operations as a corporation.
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| show | A business from which merchandise, supplies, or other assets are purchased.
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| Subsidiary Ledger | show 🗑
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| show | The subsidiary ledger containing vendor accounts.
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| show | An account in a general ledger that summarizes all accounts in a subsidiary ledger.
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| show | A list of assets, usually containing the value of individual items.
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| Merchandise Inventory | show 🗑
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| show | 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 | show 🗑
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| show | When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand.
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| show | The amount a business pays for goods it purchases to sell.
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| Requisition | show 🗑
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| show | A form requesting that a vendor sell merchandise to a business.
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| show | A journal used to record only one kind of transaction.
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| show | A transaction in which the items purchased are to be paid for later.
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| show | A special journal used to record only purchases of merchandise on account.
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| show | A journal amount column headed with an account title.
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| Purchase Invoice | show 🗑
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| show | An agreement between a buyer and a seller aboutn payment for merchandise.
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| Due Date | show 🗑
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| show | A special journal used to record only cash payment transactions.
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| List Price | show 🗑
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| show | A reduction in the list price granted to a merchandising business.
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| show | The price after the trade discount has been deducted from the list price.
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| Cash Discount | show 🗑
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| show | A journal amount column that is not headed with an account title.
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| Discount Period | show 🗑
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| show | When a company that has purchased merchandise on account takes a cash discount.
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| show | An account that reduces a related account on a financial statement.
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| show | The maximum outstanding balance allowed to a customer by a vendor.
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| show | A listing of vendor accounts, account balances, and the total amount due to all vendors.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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