Accounting Chapter 9

A listing of vendor accounts, account balances, and the total amount due to all vendors

A reduction in the list price granted to a merchandising business.

a journal used to record only one kind of transaction

what happens when a periodic inventory is conducted by counting weighing or items of merchandis

A merchandise inventory evaluated at the end of a fiscal period

Capital Stock

A journal amount column headed with an account title is,

Organization with the legal rights of a person which many persons or other corporations may own

Vendor

A transaction in which the items purchased are to be paid for later,

Cash Payments Journal

List Price

The price after the trade discount has been deducted from the list price.

An invoice used as a source document for recording a purchase on account transaction is,

The maximum outstanding balance allowed to a customer by a vendor

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

A special journal used to record only purchases of merchandise on account,

Articles of Incorporation

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

Due Date

A list of assets, usually containing the value of individual items.

Cost of Merchandise-

The goods a business has on hand for sale to customers?

Terms of Sale

The subsidiary ledger containing vendor accounts.

The assets or other financial resources available to a business

A merchandising business that sells to those who use or consume the goods.

A journal amount column that is not headed with an account title.

An account that reduces a related account on a financial statement

When a company that has purchased merchandise on account takes a cash discount

The period of time during which a customer may take a cash discount.

Goods that a business purchases in order to sell.

charter

A business that buys and resells merchandise primarily to other merchandising businesses.

A business that purchases and resells goods.

A ledger that is summarized in a single general ledger account.

A form requesting the purchase of merchandise

The owner of one or more shares of stock

a form requesting that a vendor sell merchandise to a business

An inventory determined by keeping a continuous record of increases, decreases, and the balance

Each unit of ownership in a corporation