Term
| journal posting for purchasing merchandise with cash |
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Definition
Merchandise Inventory Cash |
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Term
| buyer views a cash discount as a |
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Definition
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Term
| seller views a cash discount as a |
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Definition
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Term
| journal for how a buyer accounts for a purchase discount. purchases murchandise on credit |
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Definition
Merchandise inventory accounts payable |
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Term
| journal for paying the amount due on a merchandise purchase on credit, during the discount period |
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Definition
Accounts payable full price
Merchandise Inventory % discount Cash rest of difference.
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Term
| journal entry for debit memorandum |
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Definition
accounts payable merchandise inventory |
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Term
| journal entry for when a buyer pays shipping |
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Definition
merchandise inventory cash |
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Term
| seller's journal when seller is in charge of shipping |
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Definition
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Term
| in summary, purchases are recorded as debits to _______ |
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Definition
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Term
| journal for when a seller sells merchandise on credit |
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Definition
Accounts receivable retail sales retail
cost of goods sold cost
Merchandise Inventory cost
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Term
| journal for selling murchandise on credit with discount, before anything received |
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Definition
Accounts receivable full retail sales full retail |
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Term
| in seller's journal, when a customer doesn't use his discount to make a payment on a credit purchase |
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Definition
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Term
| in a seller's journal, when a customer pays during the discount period |
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Definition
cash net paid
sales discounts disc amt
accounts receivable full price |
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Term
| in seller's journal, merchandise returned to them |
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Definition
Sales returns and allowances retail price
accounts receivable retail price Merchandise Inventory cost
cost of goods sold cost |
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Term
| in seller's journal, a sales allowance |
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Definition
Sales returns and allowances reduction amt
accounts receivable reduction amt
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Term
| who issues debit memorandum? |
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Definition
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Term
| who issues credit memorandum? |
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Definition
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