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16 Cards in this Set

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