Chapter 7 Key Terms

Question	Answer
VENDORS: Purchase Orders	To record our order of products from vendors.
VENDORS: Bill	To record our obligation to pay the vendor for the products (Accounts Payable).
VENDORS: Pay Bills	To pay our vendors bills for products received.
CUSTOMER: Invoice	To record resale of product to customer and the customer's promise to pay later (Accounts Receivable).
CUSTOMERS: Receive Payment	To record collection of the customer's payment.
CUSTOMERS: Bank Deposit	To record customer's payment in the bank account.
Inventory	Products that we buy for which we track quantities.
Non-Inventory	Products that we buy but don't need to track the quantity of the product.
Service	Services that we buy from vendors, such as legal services.
Bundle	A bundle is a collection of products and services that we sell together as a bundle.

Resource summary

	Created by Regan Deckinger over 1 year ago