| Accounts payable ledger | Subsidiary ledger listing individual creditor (supplier) accounts.
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| Cash disbursements journal | Special journal normally used to record all payments of cash; also called cash payments journal.
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| Check register | A cash disbursements journal with a column for check numbers.
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| Credit period | Time period that can pass before a customer's payment is due.
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| Credit terms | Description of the amounts and timing of payments that a buyer (debtor) agrees to make in the future.
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| Debit memorandum | Notification that the sender has debited the recipient's account in the sender's records.
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| Discount period | Time period in which a cash discount is available and the buyer can make a reduced payment.
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| FOB | Abbreviation for free on board; the point when ownership of goods passes to the buyer; FOB shipping point (or factory) means the buyer pays shipping costs and accepts ownership of goods when the seller transfers goods to carrier; FOB destination means the seller pays shipping costs and buyer accepts ownership of goods at the buyer's place of business.
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| Inventory | Goods a company owns and expects to sell in its normal operations.
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| Invoice | Itemized record of goods prepared by the vendor that lists the customer's name, items sold, sales prices, and terms of sale.
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| List price | Catalog (full) price of an item before any trade discount is deducted.
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| Merchandise inventory | Goods that a company owns and expects to sell to customers; also called merchandise or inventory.
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| Merchandiser | Entity that earns net income by buying and selling merchandise.
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| Net purchases | Net cost of merchandise purchased; computed as Purchases minus Purchase Discounts, minus Purchase Returns and Allowances, plus Transportation-In.
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| Purchase discount | Term used by a purchaser to describe a cash discount granted to the purchaser for paying within the discount period.
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| Purchase order | Document used by the purchasing department to place an order with a seller (vendor).
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| Purchase requisition | Document listing merchandise needed by a department and requesting it be purchased.
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| Purchases journal | Journal normally used to record all purchases on credit.
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| Receiving report | Form used to report that ordered goods are received and to describe their quantity and condition.
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| Schedule of accounts payable | List of the balances of all accounts in the accounts payable ledger and their total.
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| Trade discount | Reduction from a list or catalog price that can vary for wholesalers, retailers, and consumers.
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| Transportation-In | Freight costs paid by the buyer.
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| Vendor | Seller of goods or services.
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