Chapter10
Terms
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- merchandise
- goods that a merchandising business purchases to sell
- 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
- cost of merchandise
- the price a business pays for goods it purchases to sell
- partnership
- a business in which two or more persons combine their assets and skills
- retail merchandising business
- a merchandising business that sells to those who use or consume the goods
- merchandising business
- a business that purchases and sells goods
- markup
- the amount added to the cost of merchandise to establish the selling price
- partner
- each member of a partnership
- wholesale merchandising business
- a business that buys and resells merchandise to retail merchandising businesses
- vendor
- a business from which merchandise is purchased or supplies or other assets are bought
- cash payments journal
- a special journal used to record only cash payment transactions
- purchases journal
- a special journal used to record only purchases of merchandise on account
- general amount column
- a journal amount column that is not headed with an account title
- 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