| A | B |
|---|
| correcting entry | a journal entry made to correct an error in the ledger |
| cost of merchandise | the price a business pays for goods it purchases to sell |
| invoice | a form describing the goods sold, the quantity, and the price |
| 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 |
| purchase on account | a transaction in which the merchandise purchased is to be paid for later |
| terms of sale | an agreement between a buyer and a seller about payment for merchandise |
| vendor | a business from which merchandise is purchased |
