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16 Cards in this Set
- Front
- Back
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Purchases is classified as what kind of account?
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Cost of Merchandise
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Prepaid Insurance is what kind of account?
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Asset
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Purchases Returns and Allowances is what kind of account?
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Contra Cost of Merchandise
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What account do you use when you buy merchandise?
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Purchases
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A written request that a certain item or items be purchased.
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Purchase Requisition
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A written offer to a supplier to buy certain items.
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Purchase Order
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A form that lists the items included in the shipment.
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Packing slip
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A stamp that is placed on an invoice to enter the date it is to be paid, the discount amount, and the amount to be paid.
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Processing Stamp
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Suppliers offer charge customers a cash discount for early payment.
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Purchases Discount
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The time within which an invoice must be paid if the discount is taken.
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Discount period
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A folder for each day of the month in which invoices are placed according to their due date.
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Tickler file
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Used to notify suppliers (creditors) of a return or to request an allowance.
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Debit Memo
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The cost of insurance protection.
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Premium
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This is usually a percentage of the total of the amounts recorded on the bankcard sales slips processed.
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Bankcard Fee Expense
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The supplier pays the shipping cost to the buyer's destination or location.
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FOB destination
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The buyer pays the shipping charge from the supplier's shipping point.
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FOB Shipping point
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