| A | B |
|---|
| A business in which two or more persons combine their assets and skills. | Partnership |
| Each member of a partnership | Partner |
| A business that purchases and sells goods. | Merchandising Business |
| A merchandising business that sells directly to the consumer. | Retail Merchandising Business |
| Goods that a merchandising business purchases to sell. | Merchandise |
| A business that buys and resells merchandise to retail merchandising businesses. | Wholesale merchandising business |
| A journal used to record only one kind of transaction. | Special Journal |
| The price a business pays for goods it purchases to sell. | Cost of Merchandise |
| The amount added to the cost of merchandise to establish a selling price. | Markup |
| A business from which merchandise is purchased or supplies or other assets are bought. | Vendor |
| A special journal used to record only purchases of merchandise on account | Purchases Journal |
| A journal amount column headed with an account title. | Special amount column |
| An invoice used as a source document for recording a purchase on account transaction. | Purchase Invoice |
| An agreement between a buyer and a seller about payment of merchandise. | terms of sale |
| A special journal used to record only cash payment transactions. | Cash Payments Journal |
| A journal amount column that is NOT headed with an account title. | General amount column. |
