Unit 4 - Accounts Payable and Receivable
terms
the method of payment agreed upon between the buyer and the seller
remittance slip
the part of an invoice that is completed by the customer and returned with the customer's payment
unit price
the price for one item
service invoice
a bill for a service or services performed
wholesaler
a business that sells merchandise in large quantities to retailers or to other wholesalers
retailer
a business that sells merchandise in small quantities to consumers or the general public
commission
a fee earned based on a percentage of the sale
item invoice
a form for billing a customer for merchandise purchased
office supplies requisition
a form used by employees to request office supplies
purchase order
a form used to order merchandise, supplies, or equipment from a supplier
accounts payable
amounts of money owed by a business to its suppliers for purchases made but not yet paid for
accounts receivable
amounts of money owed to a business by the company's customers
cash and carry
paying cash for goods and taking the goods rather than having them shipped and paying for them later