| A | B |
|---|
| correcting entry | A journal entyr 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 transaction. |
| 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 or supplies or other assets are bought. |
