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