| A | B |
|---|
| cost of merchandise | the price a business pays for goods it purchases to sell |
| Medicare tax | a federal tax paid for hospital insurance |
| accounts payable ledger | a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account |
| gross profit on sales | the revenue after cost of merchandise sold has been deducted |
| controlling account | an account in a general ledger that summarizes all accounts in a subsidiary ledger |
| schedule of accounts receivable | a listing of customer accounts, account balances, and total amount due from all customers |
| markup | the amount added to the cost of merchandise to establish the selling price |
| payroll register | a business form used to record payroll information |
| employee earnings record | a business form used to record details affecting payments made to an employee |
| cost of merchandise sold | the total original price of all merchandise sold during a fiscal period |
| terms of sale | an agreement between a buyer and seller about payment for merchandise |
| withholding allowance | a deduction from total earnings for each person legally supported by a taxpayer, including the employee |
| social security tax | a federal tax paid for old-age, survivors, and disability insurance |
| subsidiary ledger | a ledger that is summarized in a single general ledger account |
| supporting schedule | a report prepared to give details about an item on a principal financial statement |
