Total Shares of Ownership in a corporation
Capital Stock
A deduction that a vendor allows on the invoice amount to encourage prompt payment
Cash Discount
A special journal used to record only cash payment transaction
Cash payments journal
An account that reduces a related account on a financial statement
Contra Account
An organization with legal rights of a person and which many persons may own
Corporation
The price a business pays for goods it purchases to sell
Cost of merchandise
A form prepared by the customer showing the price deduction taken by the customer for returns and allowances
Debit memorandum
The retail price listed in a catalog or on an internet site
List Price
The amount added to the cost of the merchandise to establish the selling price
Markup
Invoice used as a source document for recording a purchase on account transactions
Purchase Invoice
Transaction in which merchandise purchased is to be paid later
Purchase on Account
Credit allowed for part of the purchase price of merchandise that is not returned
Purchases allowance
Cash discount on purchases taken by a customer
Purchases discount
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customers A/P
Purchases return
Each unit of ownership in a corporation
Share of stock
Owner of one or more shares of a corporation
Stockholder
agreement between the buyer and seller about payment for merchandise
Terms of sale
reduction in the list price granted to customers
Trade discount
business from which merchandise is purchased or supplies or other assets are bought
Vendor