Chapter 11
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Created by:
moriahgloyd on March 18, 2010
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12 terms
Terms | Definitions |
|---|---|
 partnership | A business in which two or more persons combine their assets and skills |
| partner | Each member of a partnership |
| merchandising business | A business that purchases and sells goods |
| merchandise | Goods that a merchandising business purchases to sell |
| cost of merchandise | The price a business pays for goods it purchases to sell |
| markup | The amount added to the cost of merchandise to establish the selling price |
| vendor | A business from which merchandise is purchased or supplies or other assets are bought |
| purchase on account | A transaction in which the merchandise purchased is to be paid for later |
| invoice | A form describing the goods sold, the quantity, and the price |
| purchase invoice | An invoice used as a source document for recording a purchase on account transaction |
| terms of sale | An agreement between a buyer and seller about payment for merchandise |
| correcting entry | A journal entry made to correct an error in the ledger |
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