Glencoe -Chapter 15 Word Scramble
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| Question | Answer |
| 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. |
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