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Rice Acctg Ch9 Set2
Maplewood Rice Acctg Ch 9 Set 2
Question | Answer |
---|---|
special journal | A journal used to record only one kind of transaction |
cost of merchandise | The price a business pays for goods it purchases to sell |
markup | The amount added to the cost of merchandise to establish a selling price |
vendor | A business from which merchandise is purchased or supplies or other assets are bought |
purchase on account | A transaction in which the merchandise purchased is to be paid for later |
purchases journal | a special journal used to record only purchases of merchandise on account |
special amount column | a journal amount column headed with an account title |