chapter 9

Created by dillonsmith23 

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Merchandise

Goods that a business purchases to sell.

Merchandising Business

A business that purchases and 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 businesses.

Corporation

An organization with the legal rights of a person and which many persons may own.

Share Of Stock

Each unit 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.

Term Of Sale

Agreement between buyer and seller about payment for merchandise.

Cash Payment Journal

A special journal used to record only cash payment transactions.

Cash Discount

A deduction that a vendor allows on the invoice amount to encourage prompt payment.

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 customers.

Contra Account

An account that reduces a related account on a financial statement.

Cash Payments Journal

a special journal used to record only cash payment transactions

Cash Discount

A deduction that a vendor allows on the invoice amount to encourage prompt payment

Purchase Discount

A cash discount claimed by a buyer for prompt payment of a balance due.

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 customers

Contra Account

an account that reduces a related account on a financial statement

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