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29 Cards in this Set
- Front
- Back
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Merchandise
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goods that a business purchases to sell
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Merchandising business
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a business that purchases and sells goods
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retail merchandising business
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a merchandising business that sells to those who use or consume the goods
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wholesale merchandising business
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a business that buys and resells merchandise to retail merchandising business
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coproration
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an organization wiht the lefal rights of a person and which many persons may own
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share of stock
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each unit of ownership in a corp.
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capital stock
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total shares of ownership in a corp
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stockholder
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an owner of one or more shares of a corp
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special journal
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a journal used to record only one kind of transaction
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cost of mechandise
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the price a business pays for goods it purchases to sell
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markup
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the amount added to the cost of merchandise to establish the selling price
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vendor
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a business from which merchandise is purchaced or supplies or other assers are bought
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purchase on account
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a transaction in which the merchandise purchased is to be paid for later
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purchase journal
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a special journal used to record only purchases of merchandise on account
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special amount column
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a journal amount column headed with an account title
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purchase invoice
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an invoice ised as a source doc for recording a purchase on account transaction
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terms of sale
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an agreement between a buyer and a seller about payment for merchanside
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cash payment journal
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a special journal used to record only cash payment transactions
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cash discount
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a deduction that a vendor allows on the invoice amount to encourage prompt payment
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purchases discount
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a cash discount on purchases taken by a coustomer
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general amount column
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a jounral amount column that is not headed with an account title
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list price
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the retail price listed on a catalog or on an internet site
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trade discount
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a reduction in the list price granted to customers
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contra account
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an account that reduces a related account on a financial statement
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cash short
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a petty cash on hand amount that is less than a recorded amount
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cash over
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a petty cash on hand amount that is more than a recorded amount
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purchases return
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credit allowed for purchase price of returned merchandise
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purchase allowance
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credit allowed fo part of the purchase price of merchandise that is not returned
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Debit memorandum
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a form perpared by the coustomer showing the price deduction taken by the coustome for returns and allowances
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