| Term | Definition |
|---|
| Accounts Payable Ledger | A subsidiary ledger containing only accounts for vendors from who items are purchased or bought on account. |
| Accounts Receivable Ledger | A subsidiary ledger containing ony accounts for charge custormers. |
| Cash Sale | A sale in which cash is received for the total amount of the sale at the time of the transaction. |
| Controlling Account | An account in a general ledger that summarizes all accounts in a subsidiary ledger. |
| Cost of Merchandise | The price a business pays for goods it purchases to sell. |
| Cost of Merchandise Sold | The total original price of all merchandise sold during a fiscal period. |
| Credit Card Sale | A sale in which a credit card is used for the total amount of the sale at the time of the transaction. |
| Customer | A person or business to which merchandise or services are sold. |
| Distribution of Net Income Statement | A partnership financial statement showing net income or loss distribution to partners. |
| Gross Profit on Sales | The revenue remaining after cost of merchandise sold has been deducted. |
| Inventory | The amount of goods on hand. |
| Markup | The amount added to the cost of merchandise to establish the selling price. |
| Merchandise | Goods that a merchandising business purchases to sell. |
| Merchandise Inventory | The amount of goods on hand for sale to customers. |
| Owner's Equity Statement | A financial statement that summarizes the changes in owner's equity during a fiscal period. |
| Partner | Each member of a partnership. |
| Purchase invoice | An invoice used as a source document for recording a purchase on account transaction. |
| Retail Merchandising Business | A merchandising business that sells to those who use or consume goods. |
| Sales Tax | a tax on a sale of merchandise or services. |
| Schedule of Accounts Payable | A listing of vendor accounts, account balances, and total amount due all vendors. |
| Schedule of Accounts Receivable | A listing of customer accounts, account balances, and total amount due from all customers. |
| Subsidiary Ledger | A ledger that is summarized in a single general ledger account. |
| Supporting Schedule | A report prepared to give details about an item on a principal financial statement. |
| 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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