Accounting Chapter 9 Vocab

Total shares of ownership in a corporation

A special journal used to record only cashpayment transactions

Credit allowed for part of purchase price ofmerchandise not isn't returned, decreases cust. A/P

Acash discount on purchases taken by a customer.

A journal amount column headed with an accounttitle.

A journal used to record only one kind oftransaction.

A special journal used to record only purchasesof merchandise on account

Each unit of ownership in a corporation.

A business that purchases and sells goods.

An agreement between a buyer and seller aboutpayment for merchandise.

Goods that a business purchases to sell

An organization with the legal rights of aperson and which many persons may own.

An owner of one or more shares of a corporation.

A business that buys and resells merchandise toretail merchandising businesses.

form prepared by the cust. shows price deduction taken by cust. for returns and allowances.

Credit allowed for the purchase price ofreturned merchandise, decreases customers A/P account

A reduction in the list price granted tocustomers

An invoice used as a source document forrecording a purchase on account transaction

A petty cash on hand amount that is more than arecorded amount.

A business from which merchandise purchased isto be paid for later.

The amount added to the cost of merchandise toestablish the selling price.

The retail price listed in a catalog or on anInternet site.

Anaccount that reduces a related account on a financial statement.

A petty cash on hand amount that is less than arecorded amount.

A journal amount column that is not headed withan account title.

Theprice a business pays for goods it purchases to sell.

A transaction in which the merchandise purchasedis to be paid for later

A deduction that a vendor allows on the invoiceamount to encourage prompt payment.

A merchandising business that