Accounting 1 Reviewer

The form issued by a purchaser to inform a creditor that a debit has been made to accounts

payable.

The discount taken by the buyer for early payment of an invoice.

The discount given to customers to encourage them to buy in big quantities or volume.

A revenue account credited with the sales price of goods sold during the accounting period.

The form issued by a seller to inform a buyer that a credit has been made to accounts receivable.

Under the periodic system, it is the account debited when the proprietor withdraws merchandise

for personal use.

It is the amount of reduction allowable from the list price of goods offered for sale.

This is computed by deducting returns and allowances and down payment from the invoice cost.

It is a document issued by a seller to a buyer, essentially a bill for goods or services that have been purchased.

• Sales

• Purchase Allowance

• Purchase Invoice

• Capital

It is a document issued by a seller to a buyer that records a sales transaction and requests payment for the provided goods or services.

• Purchase allowance

• Sales Invoice

• Trade-in

• Capital