Accounting 1 Unit 4

A Financial statement that summarizes the changes in owner's equity during a fiscal period

The amount added to the cost of merchandise to establish the selling price

The actual amount paid for merchandise or other items bought is recorded

An amount earned by a corporation and not yet distributed to stockholders.

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

The revenue remaining after cost of merchandise sold has been deducted

Goods that a merchandising business purchases to sell

Credit allowed a customer for part of merchandise that is not returned, decrease in vendor acct

A cash discount on purchases taken by a customer

A computer used to collect, store, and report all the information of a sales transaction

The amount of goods on hand

Credit allowed for part of the purchase price of merchandise that is not returned

assets that will be used for a number of years in the operation of a business

The retail price listed in a catalog or on an internet site...hi

Credit allowed for the purchase of returned merchandise, resulting in a decrease in Accts pay

The amount of goods on hand for sale to customers

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

Each member of a partnership