Accounting Chapter 9 Vocab
Terms
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- Special Amount Column
- A journal amount column headed with an account title.
- Debit Memorandum
- A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.
- Share of Stock
- Each unit of ownership in a corporation.
- Markup
- The amount added to the cost of merchandise to establish the selling price.
- Purchases Allowance
- Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
- Special Journal
- A journal used to record only one kind of transaction.
- Purchases Discount
- A cash discount on purchases taken by a customer.
- Purchase Invoice
- An invoice used as a source document for recording a purchase on account transaction.
- Cash Short
- A petty cash on hand amount that is less than a recorded amount.
- Cash Discount
- A deduction that a vendor allows on the invoice amount to encourage prompt payment.
- Corporation
- An organization with the legal rights of a person and which many persons may own.
- Cash Payments Journal
- A special journal used to record only cash payment transactions
- List Price
- The retail price listed in a catalog or on an Internet site.
- Retail Merchandising Business
- A merchandising business that sells to those who use or consume the goods.
- Vendor
- A business from which merchandise purchased is to be paid for later.
- General Amount Column
- A journal amount column that is not headed with an account title.
- Purchase on Account
- A transaction in which the merchandise purchased is to be paid for later.
- Merchandising Business
- A business that purchases and sells goods.
- Purchases Journal
- A special journal used to record only purchases of merchandise on account.
- Purchases Return
- Credit allowed for the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
- Cash Over
- A petty cash on hand amount that is more than a recorded amount.
- Merchandise
- Goods that a business purchases to sell.
- Terms of Sale
- An agreement between a buyer and seller about payment for merchandise.
- Capital Stock
- Total shares of ownership in a corporation
- Trade Discount
- A reduction in the list price granted to customers.
- Contra Account
- An account that reduces a related account on a financial statement.
- Cost of Merchandise
- The price a business pays for goods it purchases to sell.
- Stockholder
- An owner of one or more shares of a corporation.
- Wholesale Merchandising Business
- A business that buys and resells merchandise to retail merchandising businesses.