| A | B |
|---|
| merchandising business | buys goods -- such as books, clothing, or furniture -- and then sells those goods to customers for a profit |
| retailer | a business that sells to the final user |
| wholesaler | a business that sells to retailers |
| sales slip | a form that lists the details of a sale |
| credit terms | set out the time allowed for payment |
| sales journal | a special journal used to record only the sale of merchandise on account |
| subsidiary ledger | a ledger or book that is summarized in a controlling account in the general ledger |
| footing | a column total written in small pencil figures |
| controlling account | its balance must equal the total of all the account balances in the subsidiary ledger |
| inventory | the items of merchandise the business has in stock |
