| A | B |
|---|
| partnership | a business in which two or more persons combine their assets and skills |
| partner | each member of a partnership |
| merchandising business | a business that purchases and sells goods |
| retail merchandising business | a merchandising business that sells to those who use or consume the goods |
| merchandise | goods that a merchandising business purchases to sell |
| wholesale merchandising business | a business that buys and resells merchandise to retail merchandising businesses |
| 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 erchandise to establish the selling price |
| vendor | a business from which merchandise is purchased or supplies or other assets are bought |
| purchases 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 for recording a purchase on account transaction |
| terms of sale | an agreement between a buyer and a seller about payment for merchandise |
| cash payments journal | a special journal used to record only cash payment transactions |
| general amount column | a journal amount column that is not headed with a account title |
| customer | a person or business to whom merchandise or services are sold |
| sales tax | a tax on a sale of merchandise or services |
| sales journal | a special journal used to record only sales of merchandise on account |
| cash sale | a sale in which cash is received for the total amount of the sale at the time of the 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 |
| cash receipts journal | a special journal used to record only cash receipt transactions |
