| A | B |
|---|
| 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 |
| 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 |
| Purchase on account | A transaction in which the merchandise purchased is to be paid for later |
| Terms of sale | An agreement between a buyer and a seller about payment for merchandise |
| Vendor | A business from which merchandise is purchased |
| Establishing Petty Cash | The account title Petty Cash is used only when... |
| Debit-Store Supplies / Credit-Accounts Payable | Journal entry for buying store supplies on account |
| Debit-Purchases / Credit-Accounts Payable | Journal entry for purchasing merchandise on account |
| Purchases Debit Column | The journal column which shows the Cost of Merchandise |
| Vendor Name | Recorded in Account Title column on journal |
