Flashcards in Chapter 8 Terms Deck (16):
Accounts Payable Ledger
A subsidiary ledger that contains a separate account for each creditor.
A discount offered by suppliers for payment received within a specified period of time.
Cost of Goods Sold
The actual cost to the business of the merchandise sold to customers.
Freight In Account
An account showing transportation charges for items purchased.
A price reduction from the originally billed.
A bill received for goods purchased.
An order to the supplier of goods specifying items needed, quantity, price, and credit terms.
A list sent to the purchasing department showing the items to be ordered.
Return of unsatisfactory goods.
An account used to record cost of goods bought for resale during a period.
A cash discount offered to the customer for payment within a specified period.
Purchases Returns and Allowances
A contra expense account where purchase returns and purchase allowances are recorded.
A form showing quantity and condition of goods received.
A cash discount offered by the supplier for payment within a specified period
A supplier’s billing document.