| A | B |
|---|
| Accts Receivable | Customers (we sell to) |
| Accts Payable | Vendors (we buy from) |
| Partnership | 2 of more people combine their assets |
| Merchandising business | business that purchases and sells goods |
| Purchase of merchandise for cash | Debit Purchases/Credit Cash |
| Purchased merchandise on acct | Debit Purchases/Credit Accts Payable |
| Purchase on Account | merchandise purchased is to be paid for later |
| Invoice | A form describing the goods sold, quantity, and price |
