| A | B |
|---|
| Merchandise | Goods that a business purchases to sell. |
| Merchandising Business | A business that purchases and sells goods. |
| Retail Merchandising Business | A business that sells to those who use or consume the goods. |
| Wholesale Merchandising Business | A business that buys and resells merchandise to retail merchandising businesses. |
| Corporation | An organization with the legal rights of a person and which many persons may own. |
| Share of Stock | Each unit of ownership in a corporation. |
| Capital Stock | Total shares of ownership in a corporation. |
| Stockholder | An owner of one or more shares of a corporation. |
| Special Journal | A journal used to record only one kind of transaction. |
| Cost of Merchandise | The price a business pays for goods it purchases to sell. |
| Markup | The amount added to the cost of merchandise to establish the selling price. |
| Vendor | A business from which merchandise is purchased. |
| Purchase on account | A transaction in which the merchandise purchased is to be paid for later. |
| Purchase journal | A special journal used to record only purchases of merchandise on account. |
| Special Amount Column. | A journal amount column headed with an account title. |
| Purchase Invoice | An invoice used as a source document. |
| Terms of Sale | An agreement between the buyer and the seller about payment of merchandise. |
| Cash Payment Journal | A special journal used to record only cash payment transactions. |
| Cash Discount | A deduction that a vendor allows on the invoice amount to encourage prompt payment. |
| Purchases Discount | A cash discount on purchases taken by the customer . |
| General Amount Column | A journal amount column that is not headed with an account title. |
| List Price | The retail price listed in a catalog or on an Internet site. |
| Trade Discount | A reduction in the list price granted to customers. |
| Contra Account | An account that reduces a related account on a financial statement. |
| Cash Short | A petty cash on hand amount that is less than a recorded amount. |
| Cash Over | A petty cash on hand amount that is more than a recorded amount. |
| Purchases Return | Credit allowed for purchase price of returned merchandise, resulting in a a decrease in the customer's accounts payable. |
| Purchases Allowance | Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable. |
| Debit Memorandum | A form prepared by the customer showing the price deduction taken by the customer for returns and allowances. |
