Purchases
The amount added to the cost of merchandise to establish a selling price.
markup
A special journal used to record only cash payment transactions.
Cash Payment Journal
An organization with the legal rights of a person and which many persons may own
corporation
An agreement between a buyer and a seller about payment for merchandise.
Terms of Sale
A business from which merchandise is purchased or supplies or other assets are bought.
vendor
A cash discount on purchases taken by a customer.
Purchase Discount
An owner of one or more shares of a corporation.
Stockholder
The retail price listed in a catalog or on an Internet site.
List Price
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customers accounts payable.
Purchase allowance
The source document for a purchase return is
Check
Each unit of ownership in a corporation.
share of stock
A reduction in the list price granted to customers.
Trade Discount
An invoice used as a source document in recording.
Purchase Invoice
A deduction that a vendor allows on the invoice amount to encourage prompt payment.
Cash Discount
Total shares of ownership in a corporation.
Capital Stock
The price a business pays for goods to purchase to sell.
Cost of Merchandise
A transaction in which the merchandise is purchased is to be paid for later.
Purchase on Account
Errors made when making payments from the petty cash fun is record in this account.
Cash Over & Short
Which accounts are affected in this senario: Returned merchandise on an account at Paper Warehouse?
Accounts Payable, PaperWare House, Purchases Returns & Allowance
An account that reduces a related account on a financial statement.
contra account