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

The owner of one or more shares of stock.

Each unit of ownership in a corporation.

An organization with the legal rights of a person which many persons or other corporations may own.

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

A reduction in the list price granted to a merchandising business. These discount amounts are not journalized.

A legal document that identifies basic characteristics of a corporation.

An account in a general ledger that summarizes all accounts in a subsidiary ledger (ex: Accounts Payable).

A form requesting the purchase of merchandise.

An agreement between a buyer and a seller about payment for merchandise (ex: 2/10, n/30).

An account that reduces a related account on a financial statement (ex: Purchases Discount).

An inventory determined by keeping a continuous record of each item of merchandise.

A merchandise inventory evaluated at the end of a fiscal period.

A deduction that a vendor allows on an invoice amount to encourage prompt (early) payment. These are recorded in the journal.

A journal used to record only one kind of transaction (ex: Cash Payments, Purchases).

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

A form requesting that a vendor sell merchandise to a business.

The maximum outstanding balance allowed to a customer by a vendor.

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

Is the account Cash Short and Over a permanent or temporary account?

True or false. A corporation exists independent of its owners.

Does Purchases Discount have a normal debit or credit balance?

Which type of discount IS journalized?

True or false. The total of accounts in the accounts payable subsidiary ledger must equal the balance of the Accounts Payable account.

Which section of the chart of accounts does Purchases fall under?

True or false. The terms of sale 1/10, n/30 means that 10% of the invoice amount may be deducted if paid within 30 days.

True or false. The account title Petty Cash is journalized when replenishing the petty cash account.

A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand.

Normal balances of contra accounts are always:

True or false. When merchandise is purchased for cash, Purchases is debited and Cash is credited.

Supplies bought for use in a business are recorded in which account?