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Merchandise Goods that a business purchases to sell. Merchandising business A business that purchases and sells goods. Retail merchandising business A merchandising business that sells to those who use or consume the goods. Wholesale merchandising business A business that buys and resells merchandise to retail a merchandising business. Corporation An organization with legal the rights of a person and which many persons may own. Share of stock Unit of ownership in a coroporation. Stockholder An owner of one or more shares of a corporation. Special Journal A journal used to record only one kind of transaction. 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. Purchases journal a special journal used to record only purchases of merchadise on account. Special amount column A journal amount column headed with account title. 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 a seller about payment for merchandise