Accounting Semester 2 Vocab

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Cost of Merchandise

purchases discounts is classified as this

sales allowance

a price reduction offered to a customer by a business for keeping damaged or defective merchandise

adjustment

an amount added to or subtracted from an account balance to bring it up to date

NSF Check

a check returned by the bank because the drawer's checking account does not have sufficient funds to cover the amount of the check

footing

a column total written in small pencil figures

general journal

a correcting entry would be recorded in this

bank service charge

a fee charged by the bank for maintaining bank records and for processing bank statement items from the depositor

check

a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the order

quarterly basis

employee's earnings records are kept on a

Form W-2

employers must provide each employee with this which summarizes the employee's earnings and taxes withheld

FICA

is paid by both the employer and the employee on the employee's gross earnings

exemption

the amount deducted from gross earnings for federal income tax each pay period depends on the total earnings, marital status, and number of these an employee claims

net pay

the amount of money actually received by the employee after all deductions are subtracted

pay period

the amount of time for which an employee is paid

packing slip

the form that lists the items included in a shipment of merchandise to a buyer

discount period

the period of time within which an invoice must be paid in order to receive an amount off the invoice must be paid in order to receive an amount off the invoice price

payee

the person or business to whom a check is written

reconciling the bank statement

the process of determining any differences between a bank statement's balance and the checkbook balance

sales slip

the source document for a transaction recorded for sales

accumulated earnings

the year to date gross earnings of an employee


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