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11 Terms
1
general journal
A journal with two amount columns in which all kinds of entries can be recorded.
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2
purchases return
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer's account payable to the vendor.
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3
purchases allowance
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's account payable to the vendor.
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4
debit memorandum
A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.
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5
sales return
Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.
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6
sales allowance
Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business.
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7
credit memorandum
A form prepared by the vendor showing the amount deducted for returns and allowances.
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8
retained earnings
An amount earned by a corporation and not yet distributed to stockholders.
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9
dividends
Earnings distributed to stockholders.
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10
board of directors
A group of persons elected by the stockholders to govern a corporation.
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11
declaring a dividend
Action by a board of directors to distribute corporate earnings to stockholders.
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