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16 terms

Chapter 10

STUDY
PLAY
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.