| A | B |
|---|
| Accounts Payable Ledger | A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account |
| Accounts Receivable Ledger | A subsidiary ledger containing only accounts for charge customers |
| Controlling Account | An account in a general ledger that summarizes all accounts in a subsidiary ledger |
| Schedule of Accounts Payable | A listing of vendor accounts, account balances, and total amounts due all vendors |
| Schedule of Accounts Receivable | A listing of customer accounts, account balances, and total amount due from all customers |
| Subsidiary Ledger | A ledger that is summarized in a single general ledger account |
| Cash Payments Journal | A special journal used to record only cash payment transactions |
| Cost of Merchandise | Price a business pays for goods it purchases to sell |
| General Amount Column | A general amount column that is not headed with any 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 purchases of merchandise on account |
| Retail Merchandising Business | A merchandising business that sells to those who use or consume the goods |
| Special Amount Column | A general amount column headed with an account title |
| Special Journal | Journal used to record only one kind of transaction |
| Terms of Sale | An agreement between a buyer and a seller about payment of 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 business |
| Cash Receipts Journal | A special journal used to record only cash receipt transactions |
| Cash Sale | A sale in which cash is received for the total amount of the sale at the time of transaction |
| Credit Card Sale | A sale in which a credit card is used for the total amount of the sale at the time of the transaction |
| Customer | A person or business to whom merchandise or services are sold |
| Sales Journal | A special journal used to record sales of merchandise on account transactions |
| Sales Tax | A tax on sale of merchandise or services |
