| A | B |
|---|
| Purchases Discount | A cash discount offered to the customer for payment within a specified period. |
| Sales Discount | A cash discount offered by the supplier for payment within a specified period. |
| Purchase Invoice | A bill received for goods. |
| Sales Invoice | A suppliers billing document. |
| Purchases Journal | A special journal used to record the purchase of goods on credit. |
| Cash Receipts Journal | A special journal used to record the additional investment into the business by the owner. |
| General Journal | A journal to record the allowance of damaged merchandise purchased on credit. |
| Purchase Allowance | A price reduction from the amount originally billed. |
| Purchase Return | A return of unsatisfactory merchandise/goods. |
| Purchase ORder | An order to the supplier of goods specifying items needed. |
| Freight In Account | An account showing transportation charges for items purchased. |
| Purchase Requisition | A list sent to the purchasing department showing items to be ordered. |
| Purchases Account | An account used to record cost of goods bought for resale during a period. |
| Cost of Goods Sold | The actual cost to the business of the merchandise sold to customers. |
