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Accounting (chapter 9)

merchandise
Goods that a merchandising business purchases to sell
merchandising business
A business that purchases an sells goods
retail merchandising business
A merchandising business that sells to those who use or consume the goods.
wholesale merchandising business
A business that buys and resells merchandise to retail merchandising business
corporation
An organization with the legal rights of a person and which may be owned by many persons.
share of stock
Each unit of ownership in a corporation.
capital stock
Total shares of ownership in a corporation.
stockholder
An owner of one or more shares of a corporation.
special journal
A journal used to record only one kind of transaction.
cost of merchandise
The price a business pays for goods it purchases to sell.
markup
The amount added to the cost of merchandise to establish the selling price.
vendor
A business from which merchandise is purchased or supplies or other assets are bought.
purchase on account
A transaction in which the merchandise purchased is to be paid for later.
purchases journal
A special journal used to record only purchases of merchandise on account.
special amount column
A journal amount column headed with an account title.
purchase invoice
An invoice used as a source document for recording a purchase on account transaction.
terms of sale
An agreement between a buyer and a seller about payment for merchandise.
cash payments journal
A special journal used to record only cash payment transactions.
cash discount
a deduction from the invoice amount, allowed by a vendor to encourage early payments.
purchases discount
A cash discount on purchases taken by a customer.
general amount column
A journal amount column that is not headed with an account title
list price
The retail price listed in a catalog or on an Internet site.
trade discount
A reduction in the list price granted to a customer.
contra account
An account that reduces a related account on a financial statement.
cash short
A petty cash on hand amount that is less than a recorded amount.
cash over
A petty cash on hand amount that is more than a recorded amount
purchases return
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payble.
purchases allowance
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer’s accounts payable.
debit memorandum
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.

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