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13 Cards in this Set
- Front
- Back
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Capital Stock |
Total shares of ownership in a corporation |
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Cash Discount |
A deduction that a vendor allows on the invoice amount to encourage prompt payment |
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Corporation |
An organization with the legal rights of a person and which may be owned by many persons |
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Debit Memorandum |
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances |
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Purchase Invoice |
An invoice used as a source document for recording a purchase on account transaction |
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Purchases Discount |
A cash discount on purchases taken by the customer |
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Purchases Returns |
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable |
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Retail Merchandising Business |
A merchandising business that sells to those who use or consume the goods |
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Share of Stock |
Each unit of ownership in a corporation |
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Special Journal |
A journal used only to record only one kind of transaction |
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Purchases Returns and Allowances is a contra account to Cost of Merchandise |
False |
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The purchases account is increased by a credit and decreased by a debit |
False |
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Purchases discount is increased by a credit entry |
True |
