Accounting 4.02 Vocab

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Merchandise

Back

The products or goods a business sells

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Merchandising business

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A business that purchases and resells goods

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Vendor

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The person or business from which goods or services are purchased

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Cost of merchandise

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The price paid by a business for goods it purchases to resell

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Purchase on account

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A transaction in which the purchased merchandise is to be paid for at a later time

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Purchase invoice

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A source document used to record a purchase on account

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Special journal

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A journal used to record only one type of transaction

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Purchases journal

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A special journal that records only purchases on account

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General amount column

Back

A journal amount column not headed with an account title

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Special amount column

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A journal amount column headed with an account title and used for a specific account