What is a merchandising business that sells to those who use or consume the goods?
100
An invoice used as a source document for recording purchases on account transactions. If a purchase is made for cash, the transaction is NOT recorded in the purchases journal.
What is a purchase journal?
100
Special Journal
What is a journal used to record only one kind of transaction?
100
When payments are not recorded in the purchases journal, cash payments journal, sales journal, or cash receipts journal then they will be recorded in the general journal.
When is a general journal used?
100
Cost of merchandise
The price a business pays for goods it purchases and sells?
200
Wholesale Merchandising Business
What is a business that buys and resells merchandise to retail merchandising businesses?
200
It is recorded only in a purchases journal.
Where are purchases on account recorded?
200
Markup
The amount added to the cost of merchandise?
300
Partnership
What is a business where two or more people combine their assets and skills?
300
Cash Payments Journal
A special journal used to record only cash payments transactions?
300
Vendor
A business from which merchandise is purchased or supplies or other assets are bought?
400
Partner
Each member of the partnership is called?
500
Terms of Sale
What is the agreement between a buyer and seller about payment for merchandise?