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