A
Goods that a business purchases to sell.
merchandise
A special journal used to record only purhcases of merchandise on account.
Purchase Journal
A deduction that a vendor allows on the invoice amount to encourage prompt payment.
Cash Discount
A journal amount column headed with an account title.
Special Amount Column
The journal used to record purhcase returns and allowances
General Journal
A journal used to record only one kind of transaction.
Special Journal
A special journal used to record only cash payment transactions.
Cash Payments Journal
The retail price listed ina catalog or on an Internet site.
List Price
An account that reduces a related account on a financial statement.
Contra Account
Journal used to record office supplies on account.
General Journal
The price a business pays for goods it purchases to sell.
Cost of Merchandise
A reduction in the list price granted to customers.
Trade Discount
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable.
Purchases Return
A journal amount column that is not headed with an account title.
General Amount Column
Purchase account is classified as what type of account?
Cost Account
The amount added to the cost of merchandise to establish the selling price.
Markup
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable.
Purchases Allowances
An agreement between a buyer and a seller about payment for merchandise.
Terms of Sale
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances.
Debit Memorandum
A transaction in which the merchandise purchased is to be paid for later.
A petty cash on hand amount that is less than a recorded amount.
Cash Short
A petty cash on hand amount that is more than a recorded amount.
Cash Over
A business from which merchandise is purchased or supplies or other assets are bought.
Vendor