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Accounting terms

cash payments journal

a special journal used to record only cash payment transactions

general amount column

A journal amount column that is not headed with an account title

partnership

a business in which two or more persons combine their assets and skills

partner

a person who is a member of a partnership

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

merchandise

goods that a merchandising business purchases to sell

wholesale merchandising business

a business that buys and resells merchandise to retail merchandising businesses

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

purchases journal

a special journal used to record only purchases of merchandise on account

special amount column

A journal amount column headed with an 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

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