| A | B |
|---|
| Cash Payments Journal | A special journal used to record only cash payment transactions. |
| Cost of Merchandise | The price a business pays for goods it purchases to sell. |
| General Amount column | A journal amount column that is not headed with an account title. |
| Markup | The amount added to the cost of merchandise to establish the selling price. |
| Merchandise | Goods that a merchandising business purchases to sell. |
| Merchandising Business | A business that purchases and sells goods. |
| Partner | Each member of a partnership. |
| Partnership | A business in which two or more persons combine their assets and skills. |
| Purchase Invoice | An invoice used as a source document for recording a purchase on account transaction. |
| Purchases Journal | A special journal used to record only pruchases of merchandise on account. |
| Retail Merchandising Business | A merchandising business that sells to those who use or consume the goods. |
| Special Amount Column | A journal amount column headed with an account title. |
| Special Journal | A journal used to record only one kind of transaction |
| Terms of Sale | An agreement betwen a buyer and a seller about payment for merchandise |
| Vendor | A business from which merchandise is purchased or supplies or other assets are bought. |
| Wholesale Merchandising Business | A business that buys and resells merchandise to retail merchandising businesses. |
| Business Entity | Keeping the reports and financial records of a business separate from personal records |
| A Cost Account | The purchases account is classified as |
| A Check | The source document for a cash purchase is |
| Debit Purchases; Credit Accounts Payable | The entry to journalize a purchase of merchandise on account is |
| Supplies Account | Supplies bought for use in a business are recorded in the |
| Are usually cash or merchandise | Assets taken out of a business for the personal use of an owner |
| Transaction will increase the balance of drawing account and decrease the balance of the purchases account | When merchandise is withdrawn by a partner, the |
