| A | B |
|---|
| cash payments journal | A special journal used to record only cash payment transactions |
| correcting entry | A journal entry made to correct an error in the ledger |
| cost of merchandise | The price a business pays for goods it purchases to sell |
| general amount column | A journal amount column that is not headed with an account title |
| invoice | A form describing the goods sold, the quantity, and the price |
| markup | The amount added to the cost of merchandise to establish the selling price |
| merchandise | Goods that a merchandising business purchases to sell |
| merchandising business | A business that purchases and sells goods |
| partner | Each member of a partnership |
| partnership | A business in which two or more persons combine their assets and skills |
| purchase invoice | An invoice used as a source document for recording a purchase on account transaction |
| purchase on account | A transaction in which the merchandise purchased is to be paid for later |
| purchases journal | A special journal used to record only purchase on account transactions |
| special amount column | A journal amount column headed with an account title |
| special journal | A journal used to record only one kind of transaction |
| terms of sale | An agreement between a buyer and a seller about payment for merchandise |
| vendor | A business from which merchandise is purchased or supplies or other assets are bought |
