2. PartnershipPartnership PartnerPartner Merchandising businessMerchandising business Retail merchandising businessRetail merchandising business MerchandiseMerchandise Wholesale merchandising businessWholesale merchandising business General amount columnGeneral amount column Special journalSpecial journal Cost of merchandiseCost of merchandise MarkupMarkup VendorVendor Purchases journalPurchases journal Special amount columnSpecial amount column Purchase invoicePurchase invoice Terms of saleTerms of sale Cash payments journalCash payments journal

4. A business in which two or more persons combine their assets and skills

6. Each member of a partnership

8. A business that purchases and sells goods

10. A merchandising business that sells to those who use or consume the goods

12. A business that buys and resells merchandise to retail merchandising businesses

14. Goods that a merchandising business purchases to sell

16. A journal used to record only one kind of transaction

18. A special journal used to record only purchases of merchandise on account

20. A special journal used to record only cash payment transactions

22. A journal amount column that is not headed with an account title

24. The amount added to the cost of merchandise to establish the selling price

26. A business from which merchandise is purchased or supplies or other assets are bought

28. An agreement between a buyer and a seller about payment for merchandise

30. The price a business pays for goods it purchases to sell

32. A journal amount column headed with an account title

34. An invoice used as a source document for recording a purchase on account transaction

35. New Account Purchases –Records cost of merchandise purchased –Normal debit balance –Cost Account –Temporary Account

36. Old Account Accounts Payable –Normal ________ balance (debit or credit) –Increased by a _________ –Decreased by a ________

37. New Journals Purchases Journal –Only records PURCHASES of merchandise on ACCOUNT Cash Payments Journal –Use anytime you write a check (pay cash) General Journal –Use anytime you can’t use a special journal

38. Which journal? Purchased merchandise on account Purchased merchandise for cash Paid cash for office supplies Paid cash on account Paid cash for advertising Partner withdrew cash for personal use Partner withdrew merchandise for personal use