Chapter 9 Flashcards
A merchandising business that sells to those who use or consume the goods
Retail merchandising business
A business that buys and resells merchandise to retail merchandising businesses
Wholesale merchandising business
A transaction in which the merchandise purchased is to be paid for later
Purchase on account
Total shares of ownership in a corporation
Capital stock
An organization with the legal rights of a person and which many persons may own
Corporation
A merchandising business that sells to those who use or consume the goods
Retail merchandising business
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in customers accounts payable
Purchases allowance
Goods that a business purchases to sell
Merchandise
An account that reduces a related account on a financial statement
Contra account
The retail price listed in a catalog or in Internet site
List price
A business that purchases and sells goods
Merchandising business
A petty cash on hand amount that is more than a recorded amount
Cash over
A petty cash on hand amount that is less than a recorded amount
Cash short
The amount added to the cost of merchandise to establish the selling price
Markup
A deduction that vendor allows in the invoice amount to encourage prompt payment
Cash discount
A special journal used to record only purchases or merchandising on account
Purchases journal
An owner of one or more shares or a corporation
Stockholder
A reduction in the list price granted to customers
Trade discount
A journal amount column headed with an account title
Special amount column
Total shares of ownership in corporation
Capital stock
Credit allowed for the purchase price of returned merchandise, resulting in a decreased in the customers accounts payable
Purchases return
Each unit of ownership in a corporation
Share of stock
An agreement between buyer and a seller about payment for merchandise
Terms of sale
A journal used to record only one kind of transaction
Special journal
