Accounting 1 (ACCT101) – Chapter 9 Vocab (26 Terms) | Merchandising, Purchases, Discounts

This document features 26 expert-verified vocabulary terms from Chapter 9 of Accounting 1 (ACCT101), tailored for the 2025 academic year. It provides in-depth definitions for core merchandising and purchasing concepts, including types of merchandising businesses, purchase transactions, journals used in accounting, and various discounts and allowances. Key financial documentation terms like purchase invoices, debit memorandums, and trade discounts are clearly explained, making the document a comprehensive reference tool for understanding merchandising operations in accounting. This resource is particularly relevant for students in: Introductory Financial Accounting Business and Retail Management Finance and Commerce Economics High School Accounting (Dual Enrollment or AP) MBA Prep Courses focusing on operational accounting Whether used for exams, assignments, or self-study, this glossary-style document helps learners master merchandising vocabulary and related journal entries with clarity and confidence. It is especially useful for understanding inventory purchases, vendor relationships, and how transactions are recorded in specialized accounting journals. Keywords: merchandise, merchandising business, retail merchandising, wholesale merchandising, corporation, share of stock, capital stock, stockholder, special journal, cost of merchandise, markup, vendor, purchase on account, purchases journal, special amount column, purchase invoice, terms of sale, cash payments journal, cash discount, purchases discount, general amount column, list price, trade discount, contra account, cash short, cash over, purchases return, purchases allowance, debit memorandum