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cash payments journal

A special journal used to record only cash payment transactions.

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.

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.

purchases journal

A special journal used to record only purchases of merchandise on account.

retail merchandising business

A merchandising business that sells to those who use or consume the goods.

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.

wholesale merchandising business

A business that buys and resells merchandise to retail merchandising businesses.

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