Goods to Sell
Goods that a business purchases to sell.
What is Merchandise?
An owner of one or more stocks in a corporation.
What is a stockholder?
A ledger that is summarized in a single general ledger account. Accountants often refer to a subsidiary ledger as a "subledger".
What is a subsidiary ledger?
A list of assets, usually containing the value of individual items.
What is inventory?
A form requesting the purchase of merchandise.
What is a requisition?
A business that purchases and resells goods.
What is a Merchandising Business?
The assets or other financial resources available to a business.
What is capital?
The subsidiary ledger containing vendor accounts. Aka, money owed to vendors.
What is an accounts payable ledger?
The goods a business has on hand for sale to customers.
What is merchandise inventory?
A form requesting that a vendor sell merchandise to a business.
What is a purchase order?
A merchandising business that sells to those who use or consume the goods.
What is a Retail Merch Business?
The total shares of ownership in a corporation.
What is capital stock?
A journal used to record only one kind of transaction.
What is a special journal?
An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.
What is perpetual inventory?
A transaction in which the items purchased are to be paid for later.
What is a purchase on account?
business that buys and resells merchandise primarily to other merchandising businesses
What is a wholesale merch business?
A legal document that identifies basic characteristics of a corporation, which is a part of the application submitted to a state to become a corporation.
What are articles of incorporation?
A special journal used to record only purchases of merchandise on account.
What is a purchases journal?
A merchandise inventory evaluated at the end of a fiscal period.
What is periodic inventory?
An invoice used as a source document for recording a purchase on account transaction.
What is a purchase invoice?
The price of a good bought by an end user in a store.
What is the retail price?
A state approves the formation of a corporation by issuing this, the legal right for a business to conduct operations as a corporation.
What is a charter?
An account in a general ledger that summarizes all accounts in a subsidiary ledger.
What is a controlling account?
A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand.
What is physical inventory?
An agreement between a buyer and a seller about payment for merchandise.
What are terms of sale?