Term
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Definition
| Goods that a merchandising business purchases to sell. |
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Term
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Definition
| A business that purchases and sells goods. |
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Term
| Retail Merchandising Business |
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Definition
| A merchandising business that sells to those who use or consume the goods. |
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Term
| Wholesale Merchandising Business |
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Definition
| A business that buys and resells merchandise to retail merchandising businesses. |
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Term
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Definition
| An organization with the legal rights of a person and which may be owned by many persons. |
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Term
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Definition
| Each unit of ownership in a corporation. |
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Term
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Definition
| Total shares of ownership in a corporation. |
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Term
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Definition
| An owner of one or more shares of a corporation. |
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Term
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Definition
| A journal used to record only one kind of transaction. |
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Term
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Definition
| The price a business pays for goods it purchases to sell. |
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Term
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Definition
| The amount added to the cost of merchandise to establish the selling price. |
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Term
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Definition
| A business from which merchandise is purchased or supplies or other assets are bought. |
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Term
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Definition
| A transaction in which the merchandise purchased is to be paid for later. |
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Term
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Definition
| A special journal used to record only purchases of merchandise on account. |
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Term
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Definition
| A business paper from which information is obtained for a journal entry. |
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Term
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Definition
| An invoice used as a source document for recording a purchase on account transaction. |
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Term
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Definition
| An agreement between a buyer and a seller about payment for merchandise. |
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Term
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Definition
| A special journal used to record only cash payment transactions. |
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Term
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Definition
| A deduction from the invoice amount, allowed by a vendor to encourage early payment. |
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Term
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Definition
| A cash discount on purchases taken by a customer. |
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Term
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Definition
| A journal amount column that is not headed with an account title. |
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Term
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Definition
| The retail price listed in a catalog or on an Internet site. |
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Term
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Definition
| A reduction in the list price granted to customers. |
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Term
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Definition
| An account that reduces a related account on a financial statement. |
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Term
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Definition
| A petty cash on hand amount that is less than a recorded amount. |
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Term
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Definition
| A petty cash on hand amount that is more than a recorded amount. |
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Term
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Definition
| Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's accounts payable. |
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Term
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Definition
| Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable. |
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Term
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Definition
| A form prepared by the customer showing the price deduction taken by the customer for returns and allowances. |
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