| A | B |
|---|
| Cash Payments Journal | A special journal used to record only cash payment transactions. |
| List Price | The retail price listed in a catalog or an Internet site. |
| Trade Discount | A reduction in the list price granted to a merchandising business. |
| Net Price | The price after the trade discount has been deducted from the list price. |
| Cash Discount | A deduction that a vendor allows on an invoice amount to encourage prompt payment. |
| General Amount Column | A journal amount column that is not headed with an account title. |
| Discount Period | The period of time during which a customer may take a cash discount. |
| Purchases Discount | When a company that has purchased merchandise on account takes a cash discount. |
| Contra Account | An account that reduces a related account on a financial statement. |
| Credit Limit | The maximum outstanding balance allowed to a customer by a vendor. |
| Schedule of Accounts Payable | A listing of vendor accounts, account balances, and the total amount due to all vendors. |
