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CHAPTER 9

CHAPTER 9. Vocabulary terms for Corporate Accounting. merchandise merchandising business retail merchandising business wholesale merchandising business corporation share of stock capital stock stockholder. special journal cost of merchandise markup vendor purchase on account

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CHAPTER 9

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  1. CHAPTER 9 Vocabulary terms for Corporate Accounting

  2. merchandise merchandising business retail merchandising business wholesale merchandising business corporation share of stock capital stock stockholder special journal cost of merchandise markup vendor purchase on account purchases journal special amount column purchase invoice terms of sale TERMS REVIEW LESSON 9-1

  3. TERMS REVIEW • Merchandise Goods that a business purchases to sell • Merchandising Business A business that purchases and sells goods LESSON 9-1

  4. TERMS REVIEW • Retail Merchandising Business A merchandising business that sells to those who use or consume the goods • Wholesale Merchandising Business A business that buys and resells merchandise to retail merchandising businesses LESSON 9-1

  5. TERMS REVIEW • Corporation An organization with the legal rights of a person and which many persons may own LESSON 9-1

  6. TERMS REVIEW • Share of Stock Each unit of ownership in a corporation • Capital Stock Total shares of ownership in a corporation • Stockholder An owner of one or more shares of a corporation LESSON 9-1

  7. TERMS REVIEW • Special Journal A journal used to record only one type of transaction LESSON 9-1

  8. TERMS REVIEW • Cost of Merchandise The price a business pays for goods it purchases to sell • Markup The amount added to the cost of merchandise to establish the selling price • Vendor A business from which merchandise is purchased or supplies or other assets are bought LESSON 9-1

  9. TERMS REVIEW • Purchase on Account A transaction in which the merchandise purchased is to be paid for later • Purchases Journal A special journal used to record only purchases of merchandise on account • Special Amount Column A journal amount column headed with an account title LESSON 9-1

  10. TERMS REVIEW • Purchase Invoice An invoice used as a source document for recording a purchase on account transaction • Terms of Sale An agreement between a buyer and a seller about payment for merchandise LESSON 9-1

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