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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 businesses
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corporation
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an organization with the legal 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 corporation.
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capital stock
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total shares of ownership in a corporation
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stockhiolder
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an owner of one or more shares of a corporation
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speciial journal
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a journal used to record only one kind of transaction.
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cost of merchandise
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the price a business pays for goods it purchasesd to sell
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markup
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the amount added to the cost of merchandise to esablish the selling price
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vendor
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a business from which merchandise is purchased or supplies or other assets are bought
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purchase on account
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a transaaction in which the merchandise purchased is to be paid for later.
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purchases 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 heade with an account title
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purchase invoice
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an invoice used as a source document for recording 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 merchandise
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cash payments journal
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a special journal used to record only cash payments transaction
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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 customer.
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general amount column
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a journal amount column that is not headed with an account title
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list price
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the retail price listed in a catalog or on an intternet 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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prcahses return
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credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers accounts payable
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purchases allowance
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credit allowed for part of the purchase price of merchandise resulting in the decrease in the customers accoutns payable
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debit memorandum
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a form prepared by the customer showing the price deduction taken by the customer fro returns and allowances.
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