Accounting Chapter 15

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Debit Memorandum

The form a business uses to notify its supplier of a return or allowance.

Discount Period

The period of time within which an invoice must be paid if a discount is to be taken.

Purchases Account

A temporary account where the business records the cost of merchandise during the fiscal year.

purchase order

A written offer to a supplier to buy certain items.

Purchase Requisition

A written request that a certain item or items be ordered.

Invoice

A document that lists the credit terms and the quantity, description, unit price, and total cost of the items shipped to the buyer.

Processing Stamp

Information placed on an invoice that outlines a set of steps to be followed in processing the invoice for payment.

FOB Destination

The supplier pays the shipping cost to the buyer's destination or location.

Purchases Allowances

When a business keeps less than satisfactory merchandise and pays a reduced price.

FOB Shipping Point

When the buyer pays a shipping charge from the supplier's shipping point.

Tickler File

A file that contains a folder for each day of the month; invoices are placed in the folders according to their due dates.

Packing Slip

A form that lists all of the items that are included in a shipment.

Accounts Payable Subsidiary Ledger

A ledger that contains an account for each supplier and creditor.

Bank Card Fee

A percentage of the total of the amounts recorded on the bankcard sales slips processed.

Purchases Returns

Merchandise returned to the supplier for full credit.

Purchase Discount

Term used by the buyer to refer to a cash discount offered for early payment.

cost of merchandise

The actual cost to the business of the merchandise sold to customers.

Premiums

The cost of insurance protection.

Due Dates

The date by which an invoice must be paid.


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