requesting needed items
ordering from a supplier
verifying items received
processing the supplier's invoice
What are the four stages of the purchasing process?
100
This is a cash discount offered to the buyer to encourage early payment.
What is a purchases discount?
100
If you owned an ice cream shop on LBI and purchased a new soft ice cream maker, this account would be debited.
What is Store Equipment?
100
IF an invoice is dated December 14 and the credit terms are 2/10, n/30 and it was ordered on December 14, the last date of the discount period would be this date.
A written request to order a specified item or items
What is a purchase requisition?
200
The time within which an invoice must be paid if the discount is taken.
What is the discount period
200
This is where individual accounts are summarized and the normal balance of these accounts is a credit balance.
What is accounts payable subsidiary ledger?
200
This is the normal balance of purchases discounts
What is credit?
200
This used to be an open campus with no connected building.
What is Mahwah High School?
300
A written offer to a supplier to buy specified items.
What is purchase order?
300
If $2,300 worth of merchandise is purchased and the discount is 2%, this would be the amount of the discount.
What is $46?
300
This occurs when a business keeps less than satisfactory merchandise and pays a reduced price.
What is a purchases allowance?
300
This is usually a percentage of the total amounts recorded on the bankcard sales slips processed.
What is a bankcard fee?
300
This person jumped off a 40 foot cliff in Jamaica.
Who is Ms. Fay (or Mrs. Vrabel)?
400
When a supplier ships to a buyer, the shipment includes this form.
What is a packing slip?
400
The purchases account is a temporary account, classified as this type of account.
What is cost of merchandise sold?
400
This form is used to notify suppliers (creditors) of a return.
What is a debit memorandum?
400
This is when the buyer pays the shipping charge from the supplier's shipping point.
What is FOB shipping point?
400
This MHS employee used to have a job as a grave digger.
Who is Mr. McFarran?
500
After the invoice has been verified but before it is recorded this is placed on the invoice to enter the day the invoice is to be paid, the discount amount and the check number.
What is a processing stamp?
500
2/10, n/30 refers to this related to an invoice.
What are credit terms?
500
The purchases returns and allowances account is called this type of account.
What is a contra account?
500
Transportation in is considered to be this type of account.