| A | B |
|---|
| Corporation | An organization with the legal rights of a person and which may be owned by many persons |
| Share of stock | Each unit of ownership in a corporation |
| Capitol stock | Total shares of ownership in a corporation |
| Special journal | A journal used to record only one kind of transaction |
| Purchases journal | A special journal used to record only purchase on account transaction |
| Cash payment journal | A special journal used to record only cash payment transactions |
| List price | A business’ printed or catalog price |
| Trade discount | A reduction in the list price granted to customers |
| Cash discount | A deduction that a vendor allows on the invoice amount to encourage prompt payment |
| Purchases discount | A cash discount on purchases taken by a customer |
| Cash short | A petty cash on hand amount that is less than a recorded amount |
| Cash over | A petty cash on hand amount that is more than a recorded amount |
| General journal | A journal with two amount columns in which all kinds of entries can be recorded |
| Purchases return | Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s accounts payable |
| Purchases allowance | Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer’s accounts payable |
