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19 Cards in this Set
- Front
- Back
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Accounts Payable Ledger |
A subsidiary ledger that contains a separate account for each creditor |
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Cash discount |
A discount offered by suppliers for payment received within a specified period of time |
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Cost of goods sold |
The actual cost to the business of the merchandise sold to customers |
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FREIGHT IN account |
An account showing transportation charges for items purchased |
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Periodic inventory system |
An inventory system in which the merchandise inventory balance is only updated when a physical inventory is taken |
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Perpetual inventory system |
An inventory system in which merchandise inventory is updated for each purchase, sale, and return |
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Purchase allowance |
A price reduction from the amount originally billed |
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Purchase invoice |
A bill received for goods purchased |
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Purchase order |
An order to the supplier of goods specifying items needed, quantity, price and credit terms
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Purchase requisition |
A list sent to the purchasing department showing the items to be ordered |
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Purchase return |
Return of unsatisfactory goods |
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PURCHASES account |
An account used to record cost of goods bought for resale during a period |
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Purchases discount |
A cash discount offered to the customer for payment within a specified period |
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Purchases journal |
A special journal used to record the purchase of goods on credit |
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Receiving report |
A form showing quantity and condition of goods received |
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Sales discount |
A cash discount offered by the suppler for payment within a specified period |
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Sales invoice |
A supplier's billing document |
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Schedule of accounts payable |
A list of all balances owed to creditors |
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TRANSPORTATION IN account |
See FREIGHT IN account |
